Vice Media Files For Chapter 11 Bankruptcy Protection

May 15, 2023 Business, Media

Vice Media Group, popular for websites such as Vice and Motherboard, filed for bankruptcy protection on Monday to engineer its sale to a group of lenders, capping years of financial difficulties and top-executive departures.

Vice said that the lender consortium, which includes Fortress Investment Group, Soros Fund Management and Monroe Capital, will provide about $225 million in the form of a credit bid for substantially all of the company’s assets and also assume significant liabilities at closing.

The bankruptcy filing comes amid a challenging period for several technology and media companies, as they resort to downsizing in recent months due to a turbulent economy and weak advertising market.

Read the full article. As regular JMG readers will know, Vice News has been a valuable and reliable source for us for many years. Let’s hope they survive this.

Vice Media files for Chapter 11 bankruptcy to facilitate sale https://t.co/Y7pFWXGSXi pic.twitter.com/FcAOl3ggzU

— Reuters (@Reuters) May 15, 2023