Cambridge Analytica Files for Chapter 7 Bankruptcy
Earlier this month, Cambridge Analytica said it plans to shut down because of a sharp drop in business.
Cambridge Analytica, the firm at the center of this year's Facebook privacy row, filed for voluntary ‘Chapter 7 bankruptcy’ in a New York court late on Thursday.
Cambridge Analytica LLC listed assets in the range of $100,001 to $500,000 and liabilities in the range of $1 million to $10 million.
Cambridge Analytica and its British parent SCL Elections Ltd said earlier this month that they would shut down immediately and begin bankruptcy proceedings after suffering a sharp drop in business.
According to US law, a chapter 7 bankruptcy case does not involve filing a repayment, but the debtor’s assets are sold to settle claims.
(With inputs from Reuters)
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