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GigaOm powers down after eight years as it is unable to pay its creditors

Pioneering tech news website GigaOm has shut down after starting out in 2006 after it was unable to pay off its creditors. GigaOm was started by journalist-turned-venture capitalist Om Malik. The website on Tuesday had a message for its readers: A brief note on our company Gigaom recently became unable to pay its creditors in full at this time. As a result, the company is working with its creditors that have rights to all of the company’s assets as their collateral. All operations have ceased. We do not know at this time what the lenders intend to do with the assets or if there will be any future operations using those assets. The company does not currently intend to file bankruptcy. We would like to take a moment and thank our readers and our community for supporting us all along. — Gigaom management GigOm for all purposes seemed to be successful and claimed well over 6 million monthly readers, was staffed by more than 70 employees, and had its own research platform. Om Malik, its founder, said he had left the company in 2014 and that its assets are now controlled by the company’s lenders. Here's what he had to say on his website: There will be time for postmortems, but not today. Today, I want to thank all the people who make (and have helped make) Gigaom. Their role in this journey was what really made it all worth it. They are great people and they will all do…

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