Vice Media reportedly set to file for bankruptcy

Three people familiar with the matter informed the outlet that the filing could come in the coming weeks.

Vice Media has been and is continuing to look for a buyer to avoid declaring bankruptcy – with more than five companies having expressed interest in acquiring the business, although The New York Times was informed by someone with knowledge of the potential bankruptcy that acquisition was growing increasingly slim.  

If the firm did enter bankruptcy proceedings, the outlet was told by a source that the company’s largest debtholder – Fortress Investment Group – could end up controlling the company. In this scenario, Vice would continue operating normally and run an auction to sell the company over a 45-day period.  

In a statement, Vice said it had been engaging in a “comprehensive evaluation of strategic alternatives and planning”, adding that it continues to be “focused on finding the best path for the company.”  

These reports come just a week after the business told its employees it would be closing Vice World News.