Vice Media files for bankruptcy, caps months of financial struggles
Heather Hamilton
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Following years of financial difficulties, Vice Media filed for bankruptcy Monday morning in the U.S. Bankruptcy Court for the Southern District of New York.
The media group known for websites Vice and Motherboard, along with its now-shuttered flagship TV news show Vice News Tonight, listed both assets and liabilities in the range of $500 million to $1 billion, according to court filing reports.
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The media group’s Chapter 11 bankruptcy filing paves the way for its sale to a group of lenders, including Fortress Investment Group, Soros Fund Management, and Monroe Capital.
The lender consortium will reportedly provide a credit bid for around $225 million, allowing creditors to swap secured debt instead of paying cash for the company’s assets.
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Additionally, the lenders have reportedly agreed to a $20 million cash infusion, providing means to keep the business running throughout the sale.
The filing follows several rounds of layoffs, with the most recent coming in April as 100 staff were let go as the media group quit production of Vice News Tonight.