After terminating numerous workers, Vice Media is apparently on the verge of filing for bankruptcy. According to the most recent sources, the digital media company may declare for bankruptcy if it is unable to find a buyer.
Vice Media could declare bankruptcy in the next weeks, according to a story in The New York Times. The precise likelihood of bankruptcy is not yet known, not even from sources.
According to the source, Vice Media has been having a difficult time finding a buyer and is now searching for one just to avoid filing for bankruptcy. But despite its long history of seducing investors like Disney and Fox, Vice Media will file for bankruptcy if it doesn't find a buyer in the next few days.
But if Vice Media declares bankruptcy, Fortress Investment Group, the company's largest creditor, might end up in charge. According to the article, Vice Media may nonetheless go on as usual and hold a 45-day auction to sell the business. Fortress is allegedly most likely to be the acquirer in this.
Vice Media, according to ANI, said in a statement: “Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning….The company, its board, and stakeholders continue to be focused on finding the best path for the company.”
Even Disney allegedly explored acquiring the business in 2015 for more than $3 billion before to all of this, according to the article.