Vice Media files for Chapter 11
May 15, 2023
By Chris Forrester
Vice Media has formally filed for Chapter 11 bankruptcy protection. It is reported that the digital media and broadcasting company will now seek ‘Debtor in Possession’ financing and pursue a sale.
The bankruptcy petition, filed at the Southern District of New York court, talks of debts to Fortress Credit of some $475 million (€436.7m), amongst overall debt obligations of about $1 billion. Vice has more than 5,000 creditors.
At one point, Vice Media, very much the ‘darling’ of the new media players, was valued at $5.7 billion and enjoyed financial support from the likes of Disney and Fox. Reports suggest it could now be taken over for $225 million.
Vice closed its flagship TV news channel in April and laid off more than 100 members of staff.