Vice Media Files for Bankruptcy , and Announces Planned Sale.<br />On May 15, Vice Media filed for Chapter 11 bankruptcy to <br />help facilitate the sale of the company and hopefully <br />secure the future of the struggling media group.<br />CNN reports that the company's filing states <br />that Vice has assets and liabilities worth <br />somewhere between $500 million and $1 billion.<br />According to Vice, a group of creditors<br />have already made a conditional bid for <br />"substantially all of the company's assets.".<br />CNN reports that the list of creditors includes <br />Fortress Investment Group, Soros Fund <br />Management and Monroe Capital. .<br />CNN reports that the list of creditors includes <br />Fortress Investment Group, Soros Fund <br />Management and Monroe Capital. .<br />The creditors have reportedly agreed to pay <br />approximately $225 million and assume "significant <br />liabilities" upon closing the deal with Vice.<br />The creditors have reportedly agreed to pay <br />approximately $225 million and assume "significant <br />liabilities" upon closing the deal with Vice.<br />The news comes just weeks after Vice announced plans <br />for a major restructuring that would include dozens <br />of job cuts and the end of 'Vice News Tonight.'.<br />The news comes just weeks after Vice announced plans <br />for a major restructuring that would include dozens <br />of job cuts and the end of 'Vice News Tonight.'.<br />CNN reports that numerous news, entertainment and <br />technology companies have faced falling revenues that <br />have led to the reduction of workforces in recent months.<br />In April, Buzzfeed announced<br />it would be permanently <br />shutting down its news division.<br />Just last week, Paramount Media <br />announced that it would be <br />closing down MTV News.<br />Just last week, Paramount Media <br />announced that it would be <br />closing down MTV News.<br />However, CNN reports that Vice remains hopeful <br />that the sale "will strengthen the company <br />and position Vice for long-term growth.”.<br />However, CNN reports that Vice remains hopeful <br />that the sale "will strengthen the company <br />and position Vice for long-term growth.”
