The Boy Scouts of America is filing for bankruptcy following hundreds of lawsuits related to sexual abuse allegations.

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CNN, citing a court document filed in Delaware bankruptcy court, reported the news on Tuesday, as noted by Complex.

The Boy Scouts of America lists their liabilities at $100 million and $500 million, with an estimated $50,000 or less in assets.

Attorney Paul Mones, who represents a number of the alleged victims, called the bankruptcy a "tragedy."

"These young boys took an oath," he began. "They pledged to be obedient, pledged to support the Scouts and pledged to be honorable. Many of them are extremely angry that that's not what happened to them and the Boy Scouts of America did not step up in the way they should have."

Jim Turley, National Chair of the Boy Scouts of America, released an open letter to the community earlier this week:

"The fact is that predators harmed innocent children in Scouting programs, and for this I am deeply sorry," Turley said. "The BSA cannot undo what happened to you, but we are committed to supporting you and to doing everything in our power to prevent it from happening to others. It is a social and moral responsibility that I and the entire organization take extremely seriously."