WASHINGTON, April 5 (Reuters) - A healthcare think tank founded by Republican presidential hopeful Newt Gingrich has filed for bankruptcy with debts totaling more than $1 million.
The Center for Health Transformation, launched by Gingrich in 2003 and incorporated as the Gingrich Group LLC, filed for Chapter 7 bankruptcy on Wednesday in U.S. Bankruptcy Court in Atlanta, where it has one of its offices. It reported an estimated debt of $1 million to $10 million owed to between 50 to 99 creditors.
Gingrich's lawyer Stefan Passantino said the candidate divested all of his interests in the Gingrich Group last year as he prepared for his White House run.
"Clearly when Newt left the room it became much more difficult for them to sell this collaborative project because he was the glue," Passantino said. "It took a year but ultimately it fell under its own weight."
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