One of the largest media companies filing for bankruptcy

To a lot of people’s surprise, one of the largest media companies has filed for bankruptcy

We are talking about Vice Digital Magazine, which filed for bankruptcy in the United States. The debt-laden media group is negotiating sales to creditors who have offered up to $225 million to support the recovery.

Vice magazine filed for bankruptcy before selling to a group of creditors at a discount. Accordingly, the buyers reached an agreement to provide $225 million in credit for the company’s assets.

This information was confirmed by the executives of the digital magazine on Monday, the 15th. However, on May 1, the New York Times has already filed the possibility of bankruptcy of the media company.

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In addition, the creditors will provide, in addition to other amounts, more than $20 million to fund the magazine’s business during the sale. The proposal must be finalized within a maximum of 3 months.

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The magazine’s directors also stated that “the sale will strengthen the company and position it for long-term growth.”

“We will have new ownership, a streamlined capital structure and the ability to operate without the legacy commitments that have burdened our business. We look forward to completing the sale within the next 2-3 months and charting out a healthy and successful next chapter in Vice.”

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