Vice Media Group has filed for Chapter 11 bankruptcy protection, with a consortium of lenders, including Soros Fund Management and Fortress Investment, set to acquire most of its assets in a $225 million credit bid. Vice has struggled with financial problems for years, which led to restructuring and job cuts. If the bid is successful, Vice will have new ownership and the ability to operate without the legacy liabilities that have impacted the business, according to Co-CEOs Bruce Dixon and Hozefa Lokhandwala. The sale process is expected to be completed within two to three months.
