VICE media has officially filed for Chapter 11 bankruptcy.
The move, filed at the Bankruptcy Court for the Southern District of New York, is part of a plan to engineer a sale to a group of lenders.
As expected, the company’s biggest creditor, Fortress Investment Group, will make up part of a new ownership. Also including Soros Fund Management and Monroe Capital, the lending consortium will invest around $225M as a credit bid for almost all of the company’s assets. The trio will also assume significant liabilities at closing.