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The Center for Health Transformation (CHT), a health-care think tank founded by former Speaker of the House and current but failing GOP presidential candidate Newt Gingrich, is going out of business.
CHT filed for Chapter 7 bankruptcy and liquidation this week, listing debt up to $10 million and assets of less than $100,000.
The Atlanta Business Chronicle reported the bankruptcy was filed in Atlanta. CHT has offices in Washington, Atlanta and St. Louis.
Gingrich sold his share of the company along with his consulting firm, The Gingrich Group, to CHT on May 10, 2011.
“CHT went into debt to buy out Gingrich and never recovered,” a source close to the consulting firm told Capitol Hill Blue Thursday. “He cashed out.”
The source also said that with Gingrich gone, CHT lost many of its high-profile – and high paying – clients.