Well-known online gossip media company, Gawker Media Group sought bankruptcy protection on June 10 and part of the plan is to sell the company to possibly lessen income loss from a multi-million lawsuit filed by wrestling legend Hulk Hogan, The Washington Post reported.

According to reports, Gawker will continue their operations and appealed the $140.1 million judgment in March from the “privacy invasion” case filed by the wrestler in 2012. Hogan, whose real name is Terry Bollea, apparently won the case after he was financially supported by tech magnate Peter Thiel. Thiel reportedly admitted to supporting Hogan after a website owned by Gawker publicized him being gay. While filing bankruptcy, the legal counsel representing Gawker told reports they may contest a court’s order of having to settle a bond worth $50 million.

Filing for Chapter 11 Bankruptcy, fortunately, is worth considering for business owners who are stuck with overwhelming financial obligations from creditors. If you are in a similar situation in Fayetteville, the Bradford Law Offices, PLLC legal team may tirelessly work for you. Learn more about your legal options from us today by calling (919) 758-8879.