Vice Media Group has filed for chapter safety as the corporate hopes for a sale to a gaggle of lenders.
The group, which publishes content material on its standard web sites resembling Vice and Motherboard, mentioned that a lender consortium will present a $225million credit score bid to take management of the corporate's belongings.
Beneath a credit score bid, collectors can swap their secured debt, reasonably than pay money, for the corporate's belongings.
The corporate has belongings and liabilities value between $500million (£400million) to $1billion (£800billion), a court docket submitting says.
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