Suara.com – The legendary media company from Canada, Vice Media Group, officially filed for bankruptcy on Monday (15/5/2023) to the local authorities.
The drop in advertising revenue made Vice Media helpless in dealing with the company’s debt crisis.
Quoting Reuters, Monday (16/5/2023) a consortium of lenders consisting of Fortress Investment Group, Soros Fund Management and Monroe Capital will control the company’s shares.
They will provide approximately US$225 million in credit offerings for nearly all of Vice’s assets and assume significant liability in bankruptcy.
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In the credit offer, Vice can pay debts to creditors using company assets. Vice’s assets and liabilities are estimated to be in the range of US$500 million to US$1 billion.
“The creditors got Vice at a deep discount and we’ll see if they can survive the leaner capital structure after bankruptcy,” said Thomas Hayes, chairman at investment firm Great Hill Capital.
Source: Suara.com – Berita Terbaru Bisnis, Ekonomi, Investasi Indonesia by www.suara.com.
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