Infowars has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Southern District of Texas.
As reported by CBS News, filings for three companies - all owned by far-right radio host Alex Jones - were submitted under Chapter 11, which would allow them to pause any pending civil litigation and continue running as they draw up a turnaround plan.
The companies were Infowars, IWHealth (aka Infowars Health), and Prison Planet TV.
Per NBC News, it comes after Jones and his companies were found liable in a trio of defamation lawsuits last year after he made comments claiming that the 2012 Sandy Hook Elementary School shooting was a hoax.
Twenty children and six educators died in the Newtown, Connecticut, tragedy - but some of the relatives of the victims have since revealed that they have been subjected to harassment and death threats from Jones' followers as a result of his comments.
NBC adds that, back in March, 13 plaintiffs had rejected Jones' settlement offer of $120,000 each.
Court documents rejecting the offer state: "The so-called offer is a transparent and desperate attempt by Alex Jones to escape a public reckoning under oath with his deceitful, profit-driven campaign against the plaintiffs and the memory of their loved ones lost at Sandy Hook."
The families have already won their defamation case, and a trial in Connecticut to determine the size of the damages is set to take place in August.
ABC News reports that Jones has recently been hit with another lawsuit that alleges the radio host of hiding millions of dollars in assets.
The lawsuit - which was filed in Texas by Sandy Hook families - states: "After Alex Jones was sued for claiming the massacre at Sandy Hook Elementary was a hoax, the infamous conspiracy theorist conspired to divert his assets to shell companies owned by insiders like his parents, his children, and himself."
Jones' attorneys have branded the claim "ridiculous".
Christopher Mattei - who represents the Sandy Hook families in a Connecticut lawsuit - has stated that Jones is "delaying the inevitable: a public trial in which he will be held accountable for his profit-driven campaign of lies".
Per CBS News, Jones has since gone back on his original comments and said that he believes the massacre did happen.
