After a 29-year run, Vice files for bankruptcy

Vice was valued at $5.7 billion just six years ago, eyeing a potential IPO. Now, the trendsetting media company has filed for Chapter 11 bankruptcy. The company’s lenders — Fortress Investment Group, Soros Fund Management and Monroe Capital — have agreed to purchase the company for $225 million. That’s only about 4% of the company’s 2017 valuation. Vice also has the right to sell to a higher bidder. “This accelerated court-supervised sale process will strengthen the company and position VICE for long-term growth,” said Bruce Dixon and Hozefa Lokhandwala, VICE’s...