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Vice, the global news publisher and TV company that was once valued at nearly $6bn (£5bn), has filed for bankruptcy protection.
The company, whose assets include Vice News, Motherboard, Refinery29 and Vice TV, has announced it has applied for Chapter 11 in the US Bankruptcy Court for the Southern District of New York.
Expects to Emerge As a Financially Healthy and Stronger Company in Two to Three Months.
“This accelerated court-supervised sale process will strengthen the Company and position VICE for long-term growth, thereby safeguarding the kind of authentic journalism and content creation that makes VICE such a trusted brand for young people and such a valued partner to brands, agencies and platforms.
We will have new ownership, a simplified capital structure and the ability to operate without the legacy liabilities that have been burdening our business. We look forward to completing the sale process in the next two to three months and charting a healthy and successful next chapter at VICE.”
