Vice Executive Chairman Shane Smith
Vice filed for bankruptcy, wiping out equity holders who poured in hundreds of millions, including TPG and James Murdoch.
The company filed for Chapter 11 bankruptcy on Monday in New York’s Southern District Court.
The company’s filing listed assets and liabilities in the range of $500 million to $1 billion.
Vice Media, the youth-targeted media brand cofounded by Shane Smith in Montreal nearly 30 years ago, filed for Chapter 11 bankruptcy on Monday in the Southern District of New York, listing assets and liabilities in the range of $500 million to $1 billion.
The bankruptcy marks yet another new phase for a company that has been beset by poor management and warring owners, allegations of sexual harassment, layers of debt, ambitious but scuttled plans to go public, and more than a year of searching for a new owner. While Vice’s content was often impactful and critically acclaimed, with the company sharing in a Pulitzer Prize for audio journalism…
This article was written by Claire Atkinson and originally published on www.businessinsider.com