Infowars, a company owned by well-known radio host Alex Jones, has filed for bankruptcy after it was hit with several defamation lawsuits.
The company filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. This will give Infowars some time to restructure debts. It has listed liabilities in the range of $1 million to $10 million with assets worth up to $50,000.
Chapter 11 bankruptcy procedures will put the defamation lawsuits on hold. In addition to Infowars, two more companies owned by Jones—Infowars Health and Prison Planet TV—have also filed for Chapter 11 bankruptcy.
Jones’ lawyers have set up a trust to settle the legal claims that arise as part of the bankruptcy proceedings. Breitbart reported that he handed over $725,000 to the trust to cover the cost of the process.
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