Bankrupt.

They are trying to avoid being broken up by the NYS AG's suit and this lets them use Chapter 11 protection to avoid the suit and move to Texas.
And, yes, they have been morally bankrupt and totally corrupt for a very long time.

and avoid a suit in progress by moving away.  If that were possible, everyone would do it. Trump, for example, can’t escape his legal troubles in New York just because he moved to Florida.  

The most salient section:  "The bankruptcy filing likely represents a strategic bid to consolidate pending lawsuits over allegations of mismanagement in one forum, where it may not be required to compensate accusers in full, said John Pottow, a bankruptcy law professor at the University of Michigan.

The article says “consolidate” and “delay” lawsuits. You said “avoid”.  Much different.  That’s what I was talking about, avoiding the suit. As I said, if filing Chapter 11 and/or moving could get you out of a suit based on past illegal activity, everyone would do it.

So let's see what happens.

NY sued the NRA last August. That suit can’t be preempted by the bankruptcy and move to Texas.  Delayed, yes. And maybe additional, potential suits (by members and contributors who were bilked by the NRA, maybe) can be preempted.  

I think the real intent of the NY suit was to dismantle the NRA so it's good if the TX move won't defend against that. I also think the article said the move could reduce the damages but not remove them entirely.