Vice Media Files For Chapter 11 Bankruptcy
Vice Media has filed for Chapter 11 bankruptcy protection. The young media group is set to sell to lenders. Fortress Investment Group will be part of the new ownership. Soros Fund Management and Monroe Capital will invest $225M as a credit bid for most of the company’s assets. The trio will take on liabilities at closing. Vice has assets and liabilities of $500M-$1B. Vice has brands like Vice News, Vice TV, Vice Studios, Pulse Films, Virtue, Refinery29, and i-D. The sale is expected to be complete in two to three months. Day-to-day operations remain unaffected by the bankruptcy filing, according to a spokesperson in the UK. The company has secured more than $20M from the lending consortium. Vice, valued at $5.7B in 2017, filed for bankruptcy due to difficulty finding a buyer.
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