Gawker Media Forced to File For Bankruptcy After $140 Million Hulk Hogan Settlement

A few months ago after years of hardship, Hulk Hogan defeated Gawker Media in court and was awarded a hefty sum of money.

The 140 million dollar settlement to Hulk Hogan is so substantial that it has force Gawker Media to file for Chapter 11 Bankruptcy.

According to the Hollywood Reporter, it was just announced that Hulk Hogan has done a lot more than get justice, he’s shut Gawker down for good.

The report from them is claiming that Gawker has secured almost eight million dollars in loans from Silicon Valley Bank with a line of credit for roughly five million more.

Gawker is aiming to restructure itself and fight off the collection efforts from Hogan as they are sending the decision into appeals court for the foreseeable future.

The company also owes roughly $115,000 to the international law firm of Morrison Cohen and $82,000 to Risk Strategies Company. If Gawker is to survive, it is going to take a lot to restructure, and the reputation loss is more substantial than the financial if they can even survive the latter.

Are you glad that Hogan’s settlement is going to bankrupt Gawker Media?