The digital media publisher, which was once valued at $5.7 billion, had been struggling to turn a profit. with the Southern District of New York federal court, Vice Media pegged the value of both its assets and liabilities between $500 million and $1 billion.
The filing also discloses that Fortress is Vice’s largest secured lender, with a total claim of nearly $475 million.
The lenders’ consortium looking to acquire Vice Media has submitted a $225 million credit bid to acquire most of Vice’s assets, along with “significant liabilities,” the New York Times reported , citing a statement from the company.
As part of the deal, the lenders have agreed to lend an additional $20 million to allow the publisher to remain operational during the sales process. The sale is expected to go through in the next two to three months unless Vice receives a better offer. headtopics.com
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Vice Media files for Chapter 11 bankruptcy, the latest in a string of digital media setbacksVice Media is filing for Chapter 11 bankruptcy protection, the latest digital media company to falter after a meteoric rise. Vice has agreed to sell its assets to a consortium of lenders in exchange for $225 million in credit. Other parties will also be able to submit bids. The bankruptcy filing arrives just weeks after the company announced it would cancel its flagship “Vice News Tonight” program amid a wave of layoffs. The company also said it would end its Vice World News brand, making Vice News its only brand worldwide.
Vice Media files for Chapter 11 bankruptcy, the latest in a string of digital media setbacksVice Media is filing for Chapter 11 bankruptcy protection, the latest digital media company to falter after a meteoric rise.
Vice Media files for Chapter 11 bankruptcy, the latest in a string of digital media setbacksVice Media is filing for Chapter 11 bankruptcy protection, the latest digital media company to falter after a meteoric rise.
Vice Media files for Chapter 11 bankruptcy, the latest in a string of digital media setbacksVice said Monday that it has agreed to sell its assets to a consortium of lenders — Fortress Investment Group, Soros Fund Management and Monroe Capital — in exchange for $225 million in credit.
Vice Media files for Chapter 11 bankruptcy, the latest in a string of digital media setbacksThe bankruptcy filing arrives just weeks after the company announced it would cancel its flagship “Vice News Tonight” program amid a wave of layoffs — which was expected to impact more than 100 employees in the company’s 1,500-person workforce
Vice Media files for Chapter 11 bankruptcy, the latest in a string of digital media setbacksVice Media is filing for Chapter 11 bankruptcy protection, the latest digital media company to falter after a meteoric rise.
