A group of buyers, including Fortress Investment Group, plans to buy bankrupt Vice Media, according to three people familiar with the matter.
Multiple bidders have submitted offers to buy Vice Media, but only Fortress was deemed “eligible,” according to one of the people, with the remaining bidders set by Vice as the buyer. It was said that the standard was not met. Transactions of bankrupt companies require the approval of a bankruptcy judge, who determines whether the plan is sustainable for the business.
The people spoke on condition of anonymity because the process is confidential. The company’s bankruptcy auction, originally scheduled for Thursday, has been called off.
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