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Gawker Develops Plan for Bankruptcy to Help Creditors Collect Debts

In 2016, online media group Gawker filed for Chapter 11 bankruptcy. It is now in the process of developing its bankruptcy plan, which will allow for its payment to individuals and groups involved in litigation against the group. Over the years, multiple parties, including former professional wrestler Hulk Hogan, have filed claims against the group alleging misconduct. Under its current proposal, Gawker will allocate $40 million for the repayment of its outstanding debts, which include its payment to Hogan and other parties, including a freelance contributor to the site who filed a lawsuit regarding a piece she wrote about the dating app Tinder. Under the deal, another $40 million is set aside for parties with stakes in Gawker

According to a lawyer for the company, the current bankruptcy plan will allow for Gawker to repay its debts to its creditors. This is the purpose of any bankruptcy case – to allow an indebted party to get out of debt by repaying its creditors. This is true regardless of the size of the company, whether it is a multi-million dollar media group or a small retail store. Chapter 11 involves the reorganization of a company in an effort to make it profitable once again. In August 2016, it was announced that television network Univision purchased Gawker Media and renamed the set of assets Gizmodo Media Group. Univision is the largest Spanish-language broadcaster in the United States.

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