Gawker Media files for bankruptcy following $140M Hulk Hogan judgment facebook Tweet email A file photo shows the logo of Gawker Media's eponymous news gossip website. The company filed for Chapter 11 bankruptcy on Friday. (Gawker) Barbara Ross Tobias Salinger Ginger Adams Otis NEW YORK DAILY NEWS Updated: Friday, June 10, 2016, 1:52 PM Gawker Media filed for Chapter 11 bankruptcy ahead of a planned auction sale Friday after a $140 million judgment in the Hulk Hogan lawsuit, according to reports. The former professional wrestler sued the company for releasing his private sex tape. He won the massive payout from the media company in March, but Gawker is appealing the decision. The auction will open at $100 million, The Wall Street Journal reported. Gawker had asked a Florida judge overseeing the case to grant them a stay pending their appeal of the invasion-of-privacy case. Tech billionaire behind Hulk Hogan lawsuits against Gawker The judge granted them a partial stay — but still required them to put up $50 million bond, forcing the company onto the auction block. Gawker owner Nick Denton said in the bankruptcy filing that the company had an estimated $50 to $100 million in assets. It owed roughly $2 million in liquidated debts to between 200 to 999 creditors and had an estimated $100 million to $500 million in liabilities. Hogan — legally known as Terry Gene Bollea — was at the top of the list of Gawker’s creditors. Hulk Hogan files another lawsuit against Gawker The filing said it owed him $130 million in a “disputed” claim. Hogan actually won a $140 million settlement in his legal battle — but $10 million of that is to be paid by Denton personally. Terry Bollea, also known as Hulk Hogan, testifies in a Florida court against Gawker Media in March. He won a judgment of $140 million in his lawsuit against the company. (POOL/REUTERS) Several high-powered attorneys and public relations companies were also among the creditors in the filing made in the New York’s Southern District. One law firm is owed $115,379, with the rest mostly five-digit debts. Google and Getty Images were among companies that were listed as having a “trade debt” with Gawker. A Florida jury in March hit Gawker Media with a $115 million ruling in favor of Hogan, who said the gossip website violated his privacy by publishing grainy footage of him having sex with his best friend’s wife. The St. Petersburg, Fla., jury awarded the wrestling icon $55 million for economic injuries and $60 million for emotional distress. Hogan jumped in the sack with Heather Clem — wife of his friend Bubba (the Love Sponge) Clem — in 2007. The wrestling hero, now 62, said at trial he was utterly blindsided when Gawker posted video of the lusty liaison on its website in 2012. Gawker was also bodyslammed with an additional $25 million for publishing the Hogan sex tape. The jury held Gawker publisher Denton personally liable for $10 million. The site's former editor-in-chief, A.J. Daulerio, who posted the edited version of the tape, was held liable for $100,000.