Vice Media filed for bankruptcy and filed for Chapter 11 protection to facilitate its sale
Soros Fund Management and Fortress Investment Grouple offered Vince Media $225 million to buy the bankrupt business.
Photo: Shutterstock / Shutterstock
The American-Canadian broadcasting and digital media company, Vice Media filed for bankruptcy on Monday appealing Chapter 11 to facilitate its sale, after the company made cuts in recent weeks, with more than 100 layoffs and the end of his popular show "Vice News Tonight"
Vice, which was founded in 1994 in Montreal, Canada and initially functioned as a free magazine focused on alternative music and culture, announced that until now it will continue to "operate normally" while the bankruptcy process progressessaid.
In its beginnings, Vice was backed by large media companies and received money from Silicon Valley investors, after its great development, it moved its headquarters to New York. Before the break, Soros Fund Management and Fortress Investment Grouple offered $225 million to buy the bankruptcy business.
Now, after its great successes in the world of entertainment and the media, Vice becomes the second digital news company to declare bankruptcy in recent weeks. In his presentation of Chapter 11, it was learned that The company has assets and liabilities ranging from $500 million to $1 billion.
For its co-CEOs Bruce Dixon and Hozefa Lokhandwala âthis court-supervised expedited sale process will strengthen the company and position Vice for long-term growth,â they said.
For the next few weeks, Vice Media expects to pay its vendors and suppliersin addition to paying salaries and benefits to its employees without the slightest interruption, keeping the hope that the purchase offers a new opportunity for the company.
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