Stretto
22 Case Studies
Case Study: Gawker Media LLC streamlines Chapter 11 banking with Stretto
A Stretto Case Study
Gawker Media LLC - Customer Case Study
Gawker Media LLC, an online media company known for its network of blogs, faced a significant challenge after losing a high-profile invasion of privacy lawsuit. The resulting $115 million judgment forced the company to file for Chapter 11 bankruptcy protection. Stretto was engaged to provide crucial depository and banking services to manage the financial aspects of the bankruptcy proceedings.
Stretto leveraged its expertise and banking relationships to quickly establish multiple, fee-free accounts that complied with the bankruptcy code and even earned interest. Their in-house Banking Services Team managed all transactions and disbursements, which increased efficiency and allowed Gawker's management to focus on the larger restructuring. This support facilitated the successful sale of Gawker's business to Univision for $135 million, ultimately allowing for a settlement of the lawsuit.
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