Newt Gingrich's think tank filed for Chapter 7 bankruptcy on Wednesday, the Atlanta Business Chronicle has reported.
The Center for Health Transformation, which Gingrich launched in 2003, plans to liquidate its assets. According to the Washington Post, the group collected at least $37 million from health care insurers, pharmaceutical companies and other industry groups over the last eight years, reportedly offering access to Gingrich among other incentives.
In its bankruptcy filing, the think tank listed estimated liabilities of $1 million to $10 million.
As HuffPost's Christina Wilkie reported, the former House speaker has a long history of debt and bankruptcy at the numerous political and nonprofit groups he has steered over the past three decades:
Since 1984, Gingrich has launched 12 politically oriented organizations and initiatives based in Washington. Of those, five have been investigated by the Internal Revenue Service and the House Ethics Committee, another five closed down with debts totaling more than $500,000, and two were subject to legal action.
Gingrich, whose fledgling campaign took another hit on Tuesday as rival Mitt Romney picked up three more primary wins, has insisted he will remain in the race despite his campaign's massive debt. With his top bankroller Sheldon Adelson declaring that Gingrich is at "the end of his line" and the campaign cutting a third of its staff, however, the former speaker's challenges are looking increasingly insurmountable.