Far-left Vice Media filed for Chapter 11 bankruptcy on Monday in order to enable a sale to Soros Fund Management or Monroe Capital.
Earlier this month it was reported the company, once valued at $5.7 billion, was struggling to find a buyer.
Vice filed Chapter 11 bankruptcy in the US Bankruptcy Court for the Southern District of New York to enable the sale to Soros Fund Management or Monroe Capital, CNBC reported.
Vice Media will continue to operate as its debt and capital is restructured.
“The consortium’s bid includes a commitment of $20 million in cash to enable Vice’s operations to continue throughout the sale process. It is expected to conclude within two to three months, the company said.” – according to CNBC.
Once a digital media darling, Vice Media Group on Monday filed for bankruptcy protection after years of financial troubles.
A consortium of Vice’s lenders which includes Fortress Investment, Soros Fund Management and Monroe Capital is looking to acquire the company following the filing.
The digital media trailblazer, once valued at $5.7 billion and known for sites including Vice and Motherboard, had been restructuring and cutting jobs across its global news business over recent months.
The group set to buy the company will provide $225 million in the form of a credit bid for most of Vice Media’s assets, the company announced on Monday, along with significant liabilities.
In early March it was reported Vice had brought in a ‘restructuring guru’ to help the ailing company while it searched for a buyer.
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