Vice Media Group, the corporate popularly known for its web sites resembling Vice and Motherboard, said on Monday it had filed for Chapter 11 protection to facilitate its sale.
The corporate said in a court filing that it listed each assets and liabilities within the range of $500 million to $1 billion.
Vice also said the group agreed to the terms of an asset purchase agreement with a consortium of its lenders, which included Fortress Investment Group, Soros Fund Management, and Monroe Capital.
Vice Media Group said in a court filing they listed each assets and liabilities within the range of $500 million to $1 billion.Getty Images
The consortium agreed to offer total purchase consideration of roughly $225 million in the shape of a credit bid for substantially all the company’s assets, along with the belief of serious liabilities upon closing, the statement said.
The bankruptcy filing comes amid a difficult period for several technology and media firms, as they resort to downsizing in recent months as a result of a turbulent economy and a weak promoting market.
Vice has needed to resort to downsizing in recent months as a result of the shifting economy and a weak promoting market.Michael Kovac
Vice has also obtained commitments for debtor-in-possession financing from the lenders, in addition to consent to make use of greater than $20 million of money that constitutes the money collateral.
