Vice Media to File Chapter 11 Bankruptcy as Soon as Monday
- Media upstart once valued at $5.7 billion saw frequent turmoil
- Fortress likely to assume control of firm via the bankruptcy
Vice Media LLC, the once-hot media upstart known for its conversational and sometimes brash style, is preparing to file for Chapter 11 bankruptcy.
The company’s petition could come as soon as Monday, according to two people with direct knowledge of the filing. Fortress Investment Group, a critical holder of Vice’s debt, is likely to assume control via the bankruptcy, these people said, though other buyers could emerge during the bankruptcy process. Vice had sought but failed to find a buyer.