Splash News and Picture Agency have filed for banruptcy after losing a legal battle with Meghan Markle.
The Hollywood Reporter reported that the agency filed for bankruptcy after defaulting on a loan worth $1million.
“Splash’s financial problems stem from three sources,” Splash president Emma Curzon wrote in declaration.
“As a consequence of the global pandemic the availability of celebrity images has declined and budgets within media companies have been cut to reflect wider macro-economic challenges.
“This situation has been exacerbated by two ongoing litigation cases and the costs of defending these cases,” she added.