Cambridge Analytica, the firm at the center of Facebook privacy scandal, filed for voluntary Chapter 7 bankruptcy in a New York court late on Thursday.
Cambridge Analytica listed assets in the range of $100,001 to $500,000 and liabilities in the range of $1 million to $10 million, according to Reuters.
In a Chapter 7 filing, a company goes into liquidation mode, essentially going out of business. It sells property and distributes the proceeds to creditors.
Cambridge Analytica and its British parent SCL Elections said earlier this month that they would shut down immediately and begin bankruptcy proceedings after suffering a sharp drop in business. – READ MORE
[give_form id=”79809″] [contentcards url=”https://www.foxbusiness.com/politics/cambridge-analytica-files-for-chapter-7-bankruptcy” target=”_blank”]