Cambridge Analytica, overwhelmed by a scandal over how it harvested data from Facebook to influence the last U.S. election, filed for bankruptcy in New York.
The U.K.-based political consulting firm had already said it would cease operations and wind down in its home country and the Chapter 7 petition in New York will address issues raised by U.S. creditors. The filing listed estimated liabilities of $1 million to $10 million.
The American proceeding could also shed light on some of the company’s relationships and finances, as U.S. legal proceedings are more transparent than those in the U.K., and creditors can use bankruptcy law to subpoena information and probe asset transfers.
