Media company Vice filed for Chapter 11 bankruptcy protection on Monday morning to facilitate its sale as a group of lenders including Soros Fund Management stand ready to acquire the troubled outlet.
Its financial troubles came after a tumultuous set of challenges over the years as it blossomed from a basic punk magazine into a global news outlet with deals at HBO and its own film studio.
Vice said it had now agreed to the terms of an asset purchase agreement with a consortium of its lenders. These include Fortress Investment Group, Soros Fund Management and Monroe Capital.