Vice Media has formally filed for Chapter 11 bankruptcy protection. It is reported that the digital media and broadcasting company will now seek ‘Debtor in Possession’ financing and pursue a sale.

The bankruptcy petition, filed at the Southern District of New York court, talks of debts to Fortress Credit of some $475 million (€436.7m), amongst overall debt obligations of about $1 billion. Vice has more than 5,000 creditors.

At one point, Vice Media, very much the ‘darling’ of the new media players, was valued at $5.7 billion and enjoyed financial support from the likes of Disney and Fox. Reports suggest it could now be taken over for $225 million.

Vice closed its flagship TV news channel in April and laid off more than 100 members of staff.

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Tags: chapter 11, VIce Media