📰💸 Vice Media Going Sell Da Kine Company afta Filing Bankruptcy, Brah!
Vice Media, dis massive media group, wen go file Chapter 11 bankruptcy protection on Monday fo’ make da kine sale of da company an’ protect its future, cuz. Da court documents an’ one statement from da media group tell us all dat. 📑⚖️
Dis company, wea dey publish all kine news, technology, an’ lifestyle websites like Vice, Motherboard, an’ Refinery29, wen make da filing in da Southern District of New York. Da filing tell us dat da company get assets an’ liabilities worth between $500 million an’ $1 billion. Now das plenty kala, yeah? 💻💵
Plenty creditors, including Fortress Investment Group, Soros Fund Management an’ Monroe Capital, wen make one conditional bid fo’ “mostly all of da company’s assets,” Vice said. Dese lenders wen agree fo’ provide around $225 million, an’ would take on “plenty liabilities” wen da deal pau. 💰🏦
Da sale process, wea should pau in da next two to three months, goin’ let odda parties submit “higher or better bids” fo’ da company, dey added. Vice’s international entities an’ Vice TV, one joint venture wit’ A&E Networks, no stay part of da Chapter 11 filing or da sale process. 🌍📺
Dis plan fo’ sell da company comes afta da company wen announce one major restructuring dat going result in plenty job cuts an’ da end of its popular show “Vice News Tonight.” Dis stay one sad time fo’ all da workers dea, yeah? 😔🎬
Plenty news, entertainment, an’ technology companies stay getting buss up by falling advertising revenue in da recent months, leading plenty fo’ cut down dea workforce an’ close unprofitable divisions. In April, Buzzfeed wen say dey going close down dea news division all togedda, an’ last week Paramount Media wen say “Aloha ‘oe” to MTV News. 📉🚫
But no worry cuz, Vice stay hopeful dat da sale going give da company one new lease on life. “Dis fast kine court-supervised sale process going strengthen da company an’ position Vice fo’ long-term growth,” said co-chief executive officers Bruce Dixon an’ Hozefa Lokhandwala. 🔄🌱
“Going have new ownership, one simplified capital structure an’ da ability fo’ operate without da legacy liabilities dat have been burdening our business. We stay looking forward to… charting one healthy an’ successful next chapter at Vice.” So, dey stay positive, an’ das good, yeah? 🔄📈
According to da court filing, Vice get more than 5,000 creditors. Da tree creditors involved in da bid process wen give $20 million in cash to da company, along wit’ odda financing commitments. 💼💰
“Vice anticipates dat dis financing, as well as da cash from ongoing operations, going be more than enough fo’ fund its business throughout da sale process,” dey wen say. “Da company expects to continue to pay employee wages and benefits without interruption and pay vendors and suppliers on normal terms.” So, no need worry, all da workers going still get paid, an’ all da vendors an’ suppliers too. 🏢💲
So, das da scoop, bruddahs an’ sistahs. We going see how dis one going pan out, yeah? Let’s hope fo’ da best fo’ all da.
NOW IN ENGLISH
📰💸 Vice Media Set to Divest Itself As Bankruptcy Filing Becomes Reality
Vice Media, a renowned media company, has sought Chapter 11 bankruptcy protection this Monday. This decision aims to facilitate the sale of the company and secure its future as disclosed in court documents and a statement from the embattled media company. 📑⚖️
This media giant, responsible for delivering news, technology, and lifestyle pieces through websites like Vice, Motherboard, and Refinery29, lodged the filing in the Southern District of New York. The documentation revealed the company’s assets and liabilities, which are valued between $500 million and $1 billion – that’s a substantial sum! 💻💵
A consortium of creditors, encompassing Fortress Investment Group, Soros Fund Management, and Monroe Capital, placed a contingent bid for “substantially all of the company’s assets,” according to Vice. These lenders have committed to providing approximately $225 million, agreeing to assume “significant liabilities” once the deal is concluded. 💰🏦
The sale process, projected to conclude within two to three months, will permit other interested parties to submit “higher or better bids” for the company. It’s important to note that Vice’s international arms and Vice TV, a joint venture with A&E Networks, are not implicated in the Chapter 11 filing or the sale process. 🌍📺
This intent to sell the company was announced just weeks after the company declared a significant restructuring that will culminate in numerous job losses and the termination of its popular show “Vice News Tonight”. A sad development for the employees indeed. 😔🎬
Several news, entertainment, and technology companies have been rocked by the recent plummet in advertising revenue, prompting them to downsize their workforce and dissolve unprofitable divisions. In April, Buzz feed announced plans to shutter its entire news division, and last week, Paramount Media bid farewell to MTV News. 📉🚫
Nevertheless, Vice remains hopeful that the sale will grant the company a new lease on life. “This accelerated court-supervised sale process will strengthen the company and position Vice for long-term growth,” stated co-chief executive officers Bruce Dixon and Hozefa Lokhandwala. 🔄🌱
“With new ownership, a simplified capital structure, and the ability to operate without the legacy liabilities that have been burdening our business, we look forward to charting a healthy and successful next chapter at Vice.” So, they’re staying positive, and that’s a good sign. 🔄📈
The court filing discloses that Vice has over 5,000 creditors. The three creditors participating in the bid process have contributed $20 million in cash to the company, alongside other financing commitments. 💼💰
“Vice anticipates that this financing, as well as the cash generated from ongoing operations, will be more than sufficient to fund its business throughout the sale process,” the company stated. “The company expects to continue to pay employee wages and benefits without interruption and pay vendors and suppliers on normal terms.” So, there’s no need for concern; all employees, vendors, and suppliers will still receive their payments. 🏢💲
That’s the lowdown, folks. We’ll see how this story unfolds in the coming months. Here’s hoping for the best for everyone involved. Stay tuned for more updates! 🤞📰
