The New York company says in the filing that it has as much as $500 million in debt and up to $100 million in assets.
Gawker Media Files For Chapter 11 Protection
NEW YORK (AP) — Gawker Media has filed for Chapter 11 bankruptcy protection, about three months after pro wrestler Hulk Hogan won a $140 million lawsuit against the online gossip and news publisher.
The New York company says in the filing that it has as much as $500 million in debt and up to $100 million in assets.
Hogan sued Gawker after it posted a video of him having sex with a friend’s wife. Hogan was awarded $115 million in compensatory damages plus an added $25.1 million in punitive damages.
It was later revealed that billionaire tech investor Peter Thiel had been secretly funding Hogan’s lawsuit.
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Comments (1)
Warren Harmon says:
June 10, 2016 at 4:15 pm
WHY, they will never emerge successfully, it is a waste of time and money. Hulk Hogan and his financier have done a great service to the industry. Gawker was a POS and needed to be put to rest.