Vice Media Group, popular for websites such as Vice and Motherboard, filed for bankruptcy protection on Monday to engineer its sale to a group of lenders, capping years of financial difficulties and top-executive departures.
Vice said that the lender consortium, which includes Fortress Investment Group, Soros Fund Management and Monroe Capital, will provide about $225 million US in the form of a credit bid for substantially all of the company’s assets and also assume significant liabilities at closing.
Under a credit bid, creditors can swap their secured debt, rather than pay cash, for the company’s assets. The company listed both assets and
