Vice Media Group, popular for websites such as Vice and Motherboard, filed for bankruptcy protection on Monday to engineer its sale to a group of lenders, capping years of financial difficulties and top-executive departures, Reuters reported. Vice said that the lender consortium, which includes Fortress Investment Group, Soros Fund Management and Monroe Capital, will provide about $225 million in the form of a credit bid for substantially all of the company's assets and also assume significant liabilities at closing. The company listed both assets and liabilities in the range of $500 million to $1 billion, according to a court filing. Vice said that it received commitments for debtor-in-possession financing from the lenders, as well as consent to use more than $20 million in cash, which it said will be "more than sufficient" to fund its business throughout the sale process.
