Gawker Media LLC, according to a court filing, asked a U.S. Bankruptcy court judge consent to borrow around $22 million from an associate of buyout firm Cerberus Capital Management LP to assist it through its sale process. Gawker filed for bankruptcy last week after it was not able to get approval for postponing payment of $140 million to Hulk Hogan after it lost a lawsuit regarding the publication of excerpts from the former pro wrestler’s sex tape. If approved, the loan from Cerberus will help the online publishing pioneer sustain its operations through bankruptcy.
The material has been provided by InstaForex Company – www.instaforex.com