Vice Media Group has officially declared bankruptcy.
The youth-focused digital publisher, long known for its brash and edgy content, has US$834 million in debt obligations, according to The Hollywood Reporter.
Frank A. Pometti, a consultant hired as the chief restructuring officer of Vice Media, wrote in a declaration filing: Like many other growth companies in the media and technology sectors, VICE has been cash flow negative for the past several years.
As a result, VICE relied on external funding, raising both debt and equity capital to fuel its rapid growth and to fund expenses in certain parts of its businesses. Although these fund-raising efforts helped to finance VICEs growth, they ultimately led to the Company being…
Read the full article at: https://www.mediaweek.com.au/vice-media-group-declares-bankruptcy/