BROOKLYN, N.Y.—Vice Media Group has filed for Chapter 11 bankruptcy as part of an asset purchase agreement (APA) with a consortium of its lenders that the company believes will allow it to emerge from bankruptcy as a stronger, more financially healthy company in two to three months.
Vice had once been a highly touted digital media company, valued as high as $5.7 billion with investments from Disney but in recent years has struggled to secure new capital or to sell itself. Under the APA, the Lender Consortium could purchase the company for about $225 million unless higher bids come in from other companies. The bankruptcy court will supervise the sales process.
