Boy Scouts | KUNC

Boy Scouts

Updated at 10:30 a.m. ET

The Boy Scouts of America has filed for bankruptcy, a sign of the century-old organization's financial instability as it faces some 300 lawsuits from men who say they were sexually abused as Scouts.

The organization says it will use the Chapter 11 process to create a trust to provide compensation to victims. Scouting programs will continue throughout.

Hundreds of men are hoping to sue the Boy Scouts of America over alleged sexual abuse. Many of those claims are coming out of Mormon communities because, until recently, the LDS church was a huge sponsor of the organization. 

Two Colorado Boy Scouts of America councils are merging before a split with The Church of Jesus Christ of Latter-day Saints.

The Denver Post reports the Boy Scouts' Denver Area Council announced Wednesday it has merged with the Western Colorado Council in Grand Junction.