The digital media company Vice, which was once valued at nearly $6 billion, is reportedly preparing to file for Chapter 11 bankruptcy.Monday morning after agreeing to an asset purchase agreement with a group of its lenders.
The group of lenders, including Fortress Investment Group, Soros Fund Management and Monroe Capital agreed to provide $225 million in the form of a credit bid for “substantially all of the company's assets,”The three creditors, who will purchase the majority of the company unless Vice finds a higher bidder, have provided $20 million in cash to the group to “fund its business throughout the sale process” over the next two to three months, the company said.
"This accelerated court-supervised sale process will strengthen the Company and position Vice for long-term growth, thereby safeguarding the kind of authentic journalism and content creation that makes Vice such a trusted brand for young people and such a valued partner to brands, agencies and platforms,” Vice's Co-Chief Executive Officers Bruce Dixon and Hozefa Lokhandwala said in the statement.
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