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The company said in a court filing that it listed both assets and liabilities in the range of $500 million to $1 billion.
Vice also said the group agreed to the terms of an asset purchase agreement with a consortium of its lenders, which included Fortress Investment Group, Soros Fund Management, and Monroe Capital (NASDAQ:MRCC).
The consortium agreed to provide total purchase consideration of approximately $225 million in the form of a credit bid for substantially all of the company’s assets, in addition to the assumption of significant liabilities upon closing, the statement said.
The bankruptcy filing comes amid a challenging period for several technology and media companies, as they resort to downsizing in recent months due to a turbulent economy and a weak advertising market.
Vice has also obtained commitments for debtor-in-possession financing from the lenders, as well as consent to use more than $20 million of cash that constitutes the cash collateral.
