Vice Media Formally Files for Chapter 11 Bankruptcy
variety.comVice Media Group, said on Monday it had filed for Chapter 11 protection to facilitate its sale. The company said in a court filing that it listed both assets and liabilities in the range of $500 million to $1 billion, according to the Reuters news service.
The statement also said that the group had agreed to the terms of an asset purchase agreement with a consortium of lenders. These include Fortress Investment Group, Soros Fund Management, and Monroe Capital.
The consortium agreed to provide total purchase consideration of approximately $225 million in the form of a credit bid for substantially all of the company’s assets, in addition to the assumption of significant liabilities upon closing, the statement said.
Monday’s announcement appeared to confirm many of the details of a proposed Chapter 11 scenario that emerged ten days ago. Cash-strapped Vice Media has been searching for a buyer over the past year, to no avail.
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