Vice Media files for bankruptcy after years of financial difficulties

Vice Media Group filed for bankruptcy protection today to engineer its sale to a group of lenders, capping years of financial difficulties and top-executive departures.

Vice - popular for websites such as Vice and Motherboard - said that the lender consortium, which includes Fortress Investment Group, Soros Fund Management and Monroe Capital, will provide about $225 million in the form of a credit bid for substantially all of the company's assets and also assume significant liabilities at closing.

Under a credit bid, creditors can swap their secured debt, rather than pay cash, for the company's assets.

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