THE WHAT? Vice Media has filed for Chapter 11 bankruptcy, according to a report published by NPR. The edgy publishing company’s liabilities are listed as US$500 million to US$1 billion, which a group of lenders, including Fortress Investment Group, has offered to take on, while purchasing Vice’s assets for US$225 million.
THE DETAILS Vice said that employees and vendors would continue to receive payment and top management would remain in situ throughout the process, which it hopes to complete within months.
THE WHY? Co-CEOs Bruce Dixon and Hozefa Lokhandwala wrote in a statement, per NBR, “This accelerated court-supervised sale process will strengthen the company and position Vice for long-term growth. We look forward to completing the sale process in the next two to three months and charting a health and successful next chapter at Vice.”