Vice Media Files for Bankruptcy
Chapter 11 filing, Vice has estimated liabilities between $500 million to $1 billion. The filing states that Vice’ management “has determined that it is advisable and in the best interest of the Vice Group Companies to enter into a stalking horse agreement for the sale of substantially all assets and related auction procedures.” In a “stalking horse” agreement, potential buyers are lined up in advance of the bankruptcy filing.“This accelerated court-supervised sale process will strengthen the Company and position Vice for long-term growth, thereby safeguarding the kind of authentic journalism and content creation that makes Vice such a trusted brand for young people and such a valued partner to brands, agencies and platforms,” Vice co-CEOs Bruce Dixon and Hozefa Lokhandwala said in a statement.