Pioneering Tech Blog GigaOm Shutting Down

Tech blog says it is unable to pay creditors, ceasing operations.

In a statement posted on GigaOm's website this evening, the company said it was ceasing operations immediately after it was unable to pay its creditors.

GigaOm assets have been turned over to creditors as a collateral, the company said.

"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," a statement attributed to GigaOm management said, adding that the company is not planning to file for bankruptcy.

Founder Om Malik left the site a year ago but in a blog post said "it is not how you want the story of a company you founded to end."

"I want to thank our investors who believed in the business long before it became fashionable," Malik said. "And most importantly, I want to thank you dear readers for coming along on this trip of a lifetime."