Vice Media Officially Bankrupt, Selling Assets to Pay Debt – 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: – Berita Terbaru Bisnis, Ekonomi, Investasi Indonesia by

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