Vice Media filed for Chapter 11 bankruptcy protection on Monday, according to court documents and a statement from the media group. The company was founded in 1994 and has its headquarters in Brooklyn, New York City.

The Vice Media group includes Vice News, Motherboard, Refinery29 and Vice TV. The company made the filing in the Southern District of New York and stated that it had assets and liabilities worth between $500 million and $1 billion. The New York Times first broke the news.

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As per the filing, Vice Media has agreed to a sale to a consortium, which includes Wesley R. Edens’ Fortress Investment Group, George Soros-led Fund Management and Monroe Capital for $225m in the form of a credit bid for its assets.

The company, in a statement on Monday, said that it is a ‘conditional bid’ for ‘substantially all of the company’s assets’.

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“To facilitate the sale, VICE has filed voluntary petitions for reorganization under Chapter 11. The Company is seeking approval of the proposed transaction pursuant to Section 363 of Chapter 11 of the U.S. Bankruptcy Code, which will allow outside parties to submit higher or better bids for the Company. In addition, the transaction is subject to Bankruptcy Court approval, antitrust approval, any other approvals that may be required by law, and other customary conditions,” the press release reads.

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What is Chapter 11?

As per US Courts, Chapter 11 provides for ‘reorganization, usually involving a corporation or partnership’. The website states that the ‘debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time’.

Several media organizations reported that Vice Media’s sale process should conclude in the next two to three months.