Vice Group gets court approval of bid procedures for assets

By Sarah Lizee

Olympia, Wash., May 30 – Vice Group Holding Inc.’s bid procedures for its assets were approved by the U.S. Bankruptcy Court for the Southern District of New York on Tuesday, according to an order.

Under the bid procedures, the bid deadline is 4 p.m. ET on June 20, an auction is scheduled for June 22, and the sale hearing will take place on June 23.

A consortium of the company’s lenders led by Fortress Investment Group and including Soros Fund Management and Monroe Capital is acting as stalking horse bidder for the assets, as previously reported.

The deal is subject to higher and better bids from other parties.

The purchase price under the lenders’ stalking horse bid consists of $225 million in the form of a credit bid, in addition to the assumption of significant liabilities upon closing.

Vice is a global multi-platform media company with headquarters in Brooklyn, N.Y. The company filed bankruptcy on May 15 under Chapter 11 case number 23-10767.

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