Struggling media company Vice Media Group, said on Monday it had filed for Chapter 11 protection to facilitate its sale. The company said in a court filing that it listed both assets and liabilitie…
The company said in a court filing that it listed both assets and liabilities in the range of $500 million to $1 billion, according to the Reuters news service.
The statement also said that the group had agreed to the terms of an asset purchase agreement with a consortium of lenders. These include Fortress Investment Group, Soros Fund Management, and Monroe Capital. The consortium agreed to provide total purchase consideration of approximately $225 million in the form of a credit bid for substantially all of the company’s assets, in addition to the assumption of significant liabilities upon closing, the statement said.that emerged ten days ago.
Cash-strapped Vice Media has been searching for a buyer over the past year, to no avail. In February,
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