Vice Media has filed for chapter safety.What You Have to Know – Nationwide
Vice Media Group, in style with web sites equivalent to Vice and Motherboard, filed for chapter safety on Monday, planning a sale to a bunch of financiers, ending years of economic troubles and prime administration resignations.
A coalition of lenders, together with Fortress Funding Group, Soros Fund Administration and Monroe Capital, has provided about $225 million in credit score bids for nearly all the firm’s property, in accordance with Vice. , and also will assume a considerable amount of debt on the time of closing.
Beneath a credit score tender, collectors can trade their secured debt for property of the corporate slightly than paying money.
The corporate listed each property and liabilities within the vary of $500 million to $1 billion, in accordance with courtroom filings.
Vice stated it had obtained mortgage commitments from every lender to its debtors and had agreed to make use of greater than $20 million in money, which it stated could be “greater than sufficient” to fund its operations all through the sale course of. .
The chapter submitting comes at a troublesome time for some tech and media corporations, as financial turmoil and a downturn within the promoting market have pressured them to cut back in latest months.
Vice was as soon as one of many quickest rising teams of digital media ventures that captivated millennial audiences and earned vital acclaim. Made well-known with co-founder Shane Smith, who constructed a media empire from his one journal in Canada.
In April, the corporate introduced it was discontinuing its in style TV present Vice Information Tonight as a part of a broader restructuring that will reduce jobs throughout the digital media firm’s world information operations.
BuzzFeed introduced final month that it was shutting down its information division, identified for irreverent and probing reporting, however in the end succumbed to the challenges of a digital-first enterprise mannequin.
(Reported by Rahat Sandhu and Samrita Arunasaram in Bangalore; edited by Uttaresh Venkateshwaran)
Vice Media has filed for chapter safety.What You Have to Know – Nationwide
Source link Vice Media has filed for chapter safety.What You Have to Know – Nationwide
