Vice Media Group, an organization known for its web sites comparable to Vice and Motherboard, said on Monday it had filed for Chapter 11 protection to facilitate sales.
The corporate said in court that it listed each assets and liabilities within the range of $500 million to $1 billion.
Vice also said the group had agreed to the terms of an asset purchase agreement with a consortium of lenders that included Fortress Investment Group, Soros Fund Management and Monroe Capital.
The consortium has agreed to supply a complete purchase price of roughly $225 million in the shape of a loan offer for substantially all of the corporate’s assets, along with assuming significant post-closing liabilities, the statement reads.
The bankruptcy filing comes at a difficult time for several tech and media corporations which have resorted to downsizing in recent months attributable to a turbulent economy and weak promoting market.
Vice also obtained commitments from lenders to finance its debtor, in addition to approval to make use of greater than $20 million in money as money collateral.