Gawker has filed for bankruptcy three months after Hulk Hogan’s victory in their $140 million privacy lawsuit.
The former WWE Hall of Famer’s win was upheld in court last month , and now the online gossip website has filed for bankruptcy protection.
This could allow the publication to avoid paying the damages owed to Hogan after they posted his sex tape online.
In the court documents, the website’s restructuring executive William Holden says: “[Gawker] was forced to file a petition for relief under the Bankruptcy Code on an emergency basis, because, this morning, the debtor was denied a complete, temporary stay in Florida state court to purse [an appeal].”
The filing adds that the publication – founded by Nick Denton in 2002 – will start “the progress of marketing and selling assets of the company”.
It is understand Gawker will continue to operate and still plans to appeal against the ruling, but offers are now being accepted to buy the website.