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Nick Denton filed for Chapter 11 bankruptcy Monday in Manhattan federal court, the Gawker founder confirmed on Twitter.
The bankruptcy filing aims to prevent Hulk Hogan from seizing his assets, after a Florida jury ordered Denton to personally pay Hogan $10 million.
The former professional wrestler sued Gawker Media after the website published a 90-second excerpt of Hogan's sex tape.
In March, a Florida jury awarded Hogan a total of $140 million. Denton was ordered to personally pay $10 million of punitive damages.
The bankruptcy petition filed Monday lists Denton's assets as $10 million to $50 million and liabilities of more than $100 million, including Hogan's lawsuit and other pending litigation.
After the trial, it was revealed that tech billionaire Peter Thiel bankrolled Hogan's suit against Gawker.
Gawker is appealing the verdict — a process that may not be resolved for several more months. Until the appeals court rules on whether to uphold the jury's judgement, Hogan is allowed to seize Gawker's — and Denton's — assets, according to Politico.
Gawker Media filed for bankruptcy in June.