Vice Media received court permission on Tuesday to borrow $5 million to fund its bankruptcy, saying it will use the money in part to pay freelancers and prepare the company for a sale, Reuters reported. Bankruptcy Judge John Mastando at a hearing in Manhattan said he would allow Vice to borrow additional money from its existing senior lenders, a group that includes Fortress Investment Group, Soros Fund Management and Monroe Capital. Mastando said he would approve the first $5 million of the loan within a day, and that he would consider Vice's request to borrow an additional $5 million in June. Vice attorney Kyle Ortiz said that approval of the bankruptcy loan would also unlock $20 million in a frozen bank account, as part of the lenders' agreement to fund Vice's bankruptcy. Vice will have more than enough cash to pay $2 million owed to freelancers and other pressing operational costs, Ortiz said.
