A think tank Republican presidential candidate Newt Gingrich founded has filed for bankruptcy in a stunning turnaround for a group that reportedly collected tens of millions of dollars from major health care interests and others while he was at the helm.

An aide for Gingrich said the bankruptcy filing for the Gingrich Group LLC, from which he severed ties before his presidential run, won’t affect his campaign. But observers said Gingrich has long since diminished as a factor in the race.

The Gingrich Group, doing business as the Center for Health Transformation, filed Wednesday for Chapter 7 liquidation in U.S. Bankruptcy Court in Atlanta, listing $1 million to $10 million in debt, with only up to $100,000 in assets. The filing was first reported Thursday by the Atlanta Business Chronicle.

Though Gingrich is no longer running the Gingrich Group, it is the latest in a series of setbacks for the former Georgia congressman, who has drifted into also-ran status in the Republican presidential nominating process.