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Vice said that the lender consortium, which includes Fortress Investment Group, Soros Fund Management and Monroe Capital, will provide about $225 million in the form of a credit bid for substantially all of the company's assets and also assume significant liabilities at closing.
Its rapid downfall underscores the challenges facing digital media companies, which are struggling as advertisers cut spending during an uncertain economy.
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 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.
The Vice Media Group bankruptcy filing comes amid a challenging period for several technology and media companies, as they resort to downsizing in recent months due to a turbulent economy.