![]() It added it expects to receive court approval for these requests. It said it has filed several customary first-day motions with the court seeking authorization to support its operations during the court-supervised sale process, including the continued payment of employee wages and benefits without interruption and payment to vendors and suppliers on normal terms for goods and services provided on or after the filing date. Bankruptcy Court for the Southern District of New York. The money to sustain operations has been released as part of a deal with Vice Media’s bondholders that gives them the right to buy the company for $225 million but also allows other bidders to submit higher or better bids.Īs part of the deal, Vice Media on Monday filed for Chapter 11 bankruptcy in the U.S. In a letter to international partners it emphasised that “Vice’s international operating subsidiaries will continue to operate as they have been” and “we have sufficient liquidity to support our continuing operations." The company said its brands, which include creative agency Virtue and media brands Vice, Vice News, Vice TV, Vice Studios, Pulse Films, Virtue, Refinery29 and i-D, “will continue to produce and deliver award-winning content across platforms." and internationally while it finds a new owner over the space of the next two to three months. Prior to this, reports had surfaced that Vice, the global news publisher and TV company, that was once valued at nearly $6 billion, is reportedly close to filing for bankruptcy.Vice Media has claimed it has secured enough money to keep operating both in the U.S. ![]() There's no reason not to talk about a billionaire's offer before making any decisions that affect thousands of employees, investors, owners, and potentially millions of subscribers or viewers! He may offer to pay off some of your debt immediately and provide you with additional funds to boost the growth and cash flow of your firm,” concluded George. “Many firms face this issue, in which they become mired down in corporate red tape and end up making poor decisions without thoroughly assessing their options. I foresee that with the aid of this acquisition, Vice Media may in a year become a $10 billion company.” For this reason, we have decided to send Vice Media the letter of intent for the purchase proposal. For Influence Media's growth in the US and Europe, the work Vice Media creates and the people they hire can be very beneficial. Joining forces with Vice Media Company is a smart long-term decision for Influence Media Corp. Kobiashvili said, “The current entertainment and journalism industries' primary strengths are companies like Vice Media. Kobiashvili believes that their aligned goals and values can drive mutual success for both enterprises. They have a three-year expansion plan informed by extensive research on European and American media firms, including Vice Media. Influence Media aims to become the largest modern media company through strategic organisation and structure. This move will facilitate Vice Media to renegotiate its debt to improve its balance sheet, thus bringing in liquidity, as per Kobiashvili. Vanguard Hedge Fund owner, George Kobiashvili, has sent Vice Media an official offer and post that expressed his intention to acquire Vice Media via a letter of intent, including an offer to settle the company's outstanding debts and to stave off bankruptcy. The company is backed by Vanguard United Investment Consulting, a subsidiary of Tbilisi-based Vanguard Hedge Fund. ![]() Mumbai-based Influence Media currently owns several news pages and profiles across Instagram, Facebook, and YouTube. Influence Media Corp, with the backing of Vanguard United Investment Consulting, has offered to acquire Vice Media.
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