Vice Media is set to be acquired by a group of buyers including Fortress Investment Group after they bid $350 million to purchase the company which is going bankrupt.
Vice Media received offers from multiple bidders but only Fortress's offer was considered "qualified" as it met the standards set by Vice, according to media reports.
When dealing with bankrupt companies, the approval of a bankruptcy judge is required. The judge evaluates the sustainability of the proposed plan for the company's recovery.
The scheduled bankruptcy auction for the company, which was planned to take place on Thursday, was canceled, the reports stated.
In an email sent to Vice employees on Thursday, Hozefa Lokhandwala and Bruce Dixon, Vice Media's co-chief executives, informed them that they planned to submit Fortress's bid to the bankruptcy court for authorisation.
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