Couldn't happen to 'nicer' people...
Gawker filed for bankruptcy Friday in New York federal court shortly after a lawyer for the gossip website told a Florida judge that it couldn’t afford to pay a $140 million jury award to wrestling legend Hulk Hogan for posting his sex tape online.
The Chapter 11 bankruptcy filing says that Gawker has between 200 and 1,000 creditors, between $50 million and $100 million in assets and $100 million to $500 million in liabilities.
The company says that it will use two loans, one $15 million one made by Menlo Park, Calif. venture capital firm US VC Partners, and another $7.6 million one made by Silicon Valley Bank, to stay afloat during the proceeding. |