TORT CLAIMANTS' COMMITTEE RECOMMENDS APPROVAL OF NEWLY REVISED BSA PLAN OF REORGANIZATION

LOS ANGELES, Feb. 10, 2022 /PRNewswire/ -- After two years of intense work, the Tort Claimants' Committee ("TCC"), the fiduciary for all Survivors in the Chapter 11 case of the Boy Scouts of America ("BSA"), has negotiated important and positive modifications to the BSA's plan of reorganization ("Plan") and now recommends that all Survivors change their "NO" vote and vote "YES" to accept the revised Plan. In the negotiation of the revised plan, the TCC accomplished its three primary goals: (1) enhanced child protection procedures; (2) independent governance of the Settlement Trust that will administer assets for the benefit of all Survivors, and (3) a path to increased compensation for Survivors.

"Survivors empowered themselves when they voted in sufficient numbers to block confirmation of the previous Plan. They did this because they understood that the former Plan did not provide the needed justice to Survivors. As the TCC predicted, BSA's failure to achieve sufficient "YES" votes on their plan, brought the BSA and its Local Councils back to the negotiating table. As a result, the TCC succeeded in reaching its goals of meaningful child protection, independent governance of the Settlement Trust and an enhanced compensation structure for Survivors. With these accomplishments in hand, the TCC recommends that all Survivors vote to accept the new and improved Plan," said John Humphrey, Co- Chair of the TCC.

Doug Kennedy, Co-Chair of the TCC, remarked that "Over the past six weeks, the TCC worked tirelessly to improve BSA's child protection program and create an institutional structure that is more transparent and prioritizes Scout safety. The TCC promised every Survivor that it would insist on changes to better ensure that no child suffers what the TCC members suffered. The revised Plan makes good on that promise. For the first time in the history of the BSA, Survivors have a seat at the table to make sure that child safety is BSA's first priority."

"The TCC always has stood for fair compensation and the protection of children. The nine members of the TCC have devoted thousands of hours over two years to getting the right result for all Survivors. The TCC urges Survivors who rejected the previous plan to accept the new and improved one," said Richard Pachulski of Pachulski Stang Ziehl & Jones LLP, bankruptcy counsel to the TCC.

More information on the restructuring can be found at https://www.tccbsa.com/ 

SOURCE Pachulski Stang Ziehl & Jones

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