The National Rifle Association says it filed for bankruptcy as part of the restructuring

(Reuters) – The National Rifle Association on Friday filed petitions in a US bankruptcy court seeking protection from creditors through restructuring, the arms rights group said.

The NRA filed Chapter 11 petitions at the United States Bankruptcy Court in Dallas, it said in a press release.

The NRA said it would restructure itself as a Texas nonprofit organization to move out of what it said was a “corrupt political and regulatory environment in New York”, where it is currently registered.

The influential group said in a statement that there would be no immediate changes in its operations or workforce, and that “it will continue to advance the company – facing anti-Second Amendment activities, promoting firearms security and training and advancing programs across the United States. ”

The Second Amendment to the United States Constitution guarantees the right to keep and bear arms.

Last August, New York State Attorney General Letitia James filed a lawsuit to dissolve the NRA, claiming that senior nonprofit leaders had diverted millions of dollars for personal use and to buy silence and loyalty of former employees.

James’ lawsuit in a Manhattan state court alleges that NRA leaders paid for family trips to the Bahamas, private jets and expensive meals that contributed to a $ 64 million reduction in the NRA balance sheet in three years, transforming a surplus in a deficit.

The NRA responded by suing James, a Democrat, in federal court, saying she had violated the NRA’s right to freedom of expression and trying to block her investigation. The dispute remains pending.

The NRA in recent decades has been one of the main voices opposing proposed or existing arms control measures.

The NRA’s actions are likely to put the attorney general’s case on hold, and a reinstatement could deprive it of the ability to seek the dissolution of the group. In his lawsuit, James said that incorporating the NRA as a non-profit organization in New York has given it the authority to dissolve it.