Newt Gingrich's health care think tank, the Center for Health Transformation, filed for Chapter 7 bankruptcy on Wednesday in the Atlanta court system.
The organization, founded by the GOP presidential hopeful and former House speaker in 2003, lobbied to bring "private and public sector leaders" together to work on health care legislation in the U.S.
The center, also known as the Gingrich Group, LLC, stated on its bankruptcy forms it retained between $1 million and $10 million in estimated liabilities and 50 to 90 creditors.
Creditors include the BlueCross Blue Shield Association, Cancer Treatment Centers of America, Cisco, FedEx, Gallup, the National Geographic Society, UPS, Verizon Wireless, and Wells Fargo.
The story, first reported by the Atlanta Business Chronicle, broke two days after GOP presidential frontrunner Mitt Romney swept three primaries in DC, Maryland, and Wisconsin.
With 135 delegates, Gingrich falls far short of Romney's total of 658. Even Rick Santorum, with the second highest delegate count at 281, is seen as a largely inviable candidate at this late stage in the GOP primary race.
At the end of last month, Gingrich announced he was laying off one-third of his staff in a move to mitigate over $1.5 million in campaign debt.
by RTT Staff Writer
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