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The $350 million amount is only 5% of Vice's estimated 2017 valuation of over $5.7 billion, showing a dramatic change in the company's fortunes

Bankrupt Vice Media to be acquired by creditors in a $350 million deal

The $350 million amount is only 5% of Vice's estimated 2017 valuation of over $5.7 billion, showing a dramatic change in the company's fortunes

A group of creditors is set to take over Vice Media Group with a $350 million offer, a little over a month after the US digital media company filed for bankruptcy.
Led by Fortress Investment Group, the creditors had initially offered $225 million for the youth-focused media outlet, but a court filing Thursday showed it had been upped to $350 million.
Vice Media Group's co-CEOs, Bruce Dixon and Hozefa Lokhandwala, told staff they will recommend the bid by Fortress, Soros Fund Management and Monroe Capital to a specialized federal court in New York on Friday, according to an internal staff memo seen by AFP.
The $350 million figure represents just five percent of Vice's reported 2017 valuation of around $5.7 billion, marking a sharp turnaround in fortunes.
At the time, Vice embodied a new generation of digital media company, which some saw as revolutionizing the sector at the expense of the established print and broadcast players.
But many digital media startups were unable to convert enthusiasm for their brand into the kinds of revenues that investors had projected.
A slowdown in the online advertising market and recent tightening of credit conditions have made the situation increasingly challenging for relatively young media companies like Vice.
BuzzFeed, another former leader in the digital media space, announced in April the closure of its news wing, and the layoff of 180 employees.
Vice's sale, which must next be approved by a federal judge, will help bring the firm out of Chapter 11 bankruptcy.
It will also allow the three investment firms to convert their debt into equity, even if that means giving up some of their funds in the process.
"Under new ownership, we look forward to a new chapter in VMG (Vice Media Group) history, with a renewed focus and commitment to creating world-class content for audiences and partners," the two executives wrote in their email to staff.
Another company, GoDigital Media, had put in a $300 million bid for VMG, more than the creditors' initial $225 million offer, but was rejected because it did not include a sufficient proportion of cash, according to an individual with knowledge of the offer.
GoDigital Media felt the cash request was both unreasonable and unfair, according to the individual, who requested anonymity to discuss the rejected bid.
 &nbsp; &nbsp;

Vice Media is getting ready to declare bankruptcy, bringing to an end the quick fall of the company  which had previously managed to raise investments from entertainment industry heavyweights like Disney and Fox

After firing staff, Vice Media is contemplating bankruptcy

Vice Media is getting ready to declare bankruptcy, bringing to an end the quick fall of the company&nbsp; which had previously managed to raise investments from entertainment industry heavyweights like Disney and Fox

Vice, the digital media disrupter that wooed big companies like Disney and Fox into investing before a catastrophic crash-landing, is getting ready to file for bankruptcy.
The online media company had been looking for a buyer but it is now preparing for a potential bankruptcy filing in the coming weeks. About a week ago, the online video outlet made staff reductions and cancelled its marquee programme.
Vice, which runs the same-named cable channel and produces documentaries and other video content for its own platforms and others, had a previous valuation of $5.7 billion. Walt Disney Co. and Fox Corp. were investors, though it's possible that their equity is now worthless. At the moment fortress Investment Group is its biggest debt holder, as per New York Times.
The quick demise of the company highlights the difficulties faced by digital media organisations, who are struggling as advertisers reduce expenditure in an unstable economic climate and shift marketing towards internet platforms like Facebook, Google, and TikTok.
Journalism is a target for cost-cutting because it might be more expensive than other types of online material.

On November 11, Bankman-Fried resigned as FTX filed for bankruptcy protection

Former FTX CEO Sam Bankman-Fried apologizes, says didn't 'try to commit fraud'

On November 11, Bankman-Fried resigned as FTX filed for bankruptcy protection

Former FTX Chief Executive Sam Bankman-Fried apologized Wednesday for a "lot of mistakes" in the abrupt collapse of the cryptocurrency firm and said he did not knowingly behave fraudulently.
"I didn't ever try to commit fraud on anyone," Bankman-Fried told the Dealbook conference hosted by CNBC and The New York Times.
"I'm deeply sorry about what happened," Bankman-Fried said. "Clearly I made a lot of mistakes or things I would be able to give anything to be able to do over again."
On November 11, Bankman-Fried resigned as FTX filed for bankruptcy protection while facing a large financing shortfall and a deluge of withdrawals from panicked customers. The firm at its peak had been worth some $32 billion.
At the time, FTX had taken some $10 billion in customer funds without authorization, according to the Wall Street Journal.

State-owned SBI has filed an insolvency petition against the country's largest sugar firm Bajaj Hindusthan Sugar Ltd.
SBI as a financial creditor has filed the plea before the Allahabad bench of the National Company Law Tribunal (NCLT).
In a regulatory filing, Bajaj Hindusthan Ltd informed that "we understand that State Bank of India, financial creditor through its advocate has initiated Corporate Insolvency Resolution Process of Bajaj Hindusthan Sugar Ltd." The petition has been filed under Section 7 of Insolvency and Bankruptcy Code 2016.
In the last fiscal year, the company had posted a consolidated net loss of Rs 267.54 crore and a turnover of Rs 5,607 crore.
On August 12, the company reported that for the quarter ended June of this fiscal year, its net loss stood at Rs 45 crore and total income at Rs 1,538 crore.
"During the June '22 quarter, due to delayed payment of loan instalment and coupon rate interest on optionally convertible debentures the lenders have classified the company's account as Non-Performing Assets (NPA) as per the RBI regulations on loan classification.
The lenders of the company have signed an ICA (Inter Creditors Agreement) on January 28, 2022 for resolution of the company's accounts, the company had said in the notes of accounts of financial statement for the first quarter.
The debt restructuring as per RBI's S4A scheme has improved the company's liquidity position, it said.
"However, keeping in view the status of outstanding cane dues and funds for servicing debt obligations, the company is further discussing with the lenders a debt resolution plan to have a lasting solution to improve its liquidity," Bajaj Hindusthan had said.
The resolution plan envisages reduction of its overall debt, realignment of its capital structure, payment of cane dues of farmers, increasing cane availability and supply etc.
"The company is also exploring/evaluating various options for corporate restructuring to streamline the business and enhance the company's value," Bajaj Hindusthan said.
Bajaj Hindusthan Sugar Ltd is India's leading sugar and ethanol manufacturing company.
Part of the Bajaj Group (Kushagra), it is headquartered in Mumbai, Maharashtra.
The company has fourteen sugar plants, all located in Uttar Pradesh.
These plants have an aggregate sugarcane crushing capacity of 1,36,000 tonnes crushed per day and alcohol distillation capacity of 800 kilolitres per day.
It is also one of the largest producers of ethanol and currently produces 38 million litres of ethanol per year. The company has increased its ethanol manufacturing capacity to roughly 218 million litres per year.
Bajaj Hindusthan said the company generates close to 430 MW of power from the bagasse produced at its sugar mills and supplies nearly 100 MW from it to the UP State Grid.
Additionally, it has five 90 MW coal-fired power plants adjacent to its sugar units which generate another 450 MW of electricity for the state grid. 

Is India's largest sugar manufacturer bankrupt?

Bitter Bankruptcy for Bajaj Hindusthan?

In the last fiscal year, the company had posted a consolidated net loss of Rs 267.54 crore

State-owned SBI has filed an insolvency petition against the country's largest sugar firm Bajaj Hindusthan Sugar Ltd.
SBI as a financial creditor has filed the plea before the Allahabad bench of the National Company Law Tribunal (NCLT).
In a regulatory filing, Bajaj Hindusthan Ltd informed that "we understand that State Bank of India, financial creditor through its advocate has initiated Corporate Insolvency Resolution Process of Bajaj Hindusthan Sugar Ltd." The petition has been filed under Section 7 of Insolvency and Bankruptcy Code 2016.
In the last fiscal year, the company had posted a consolidated net loss of Rs 267.54 crore and a turnover of Rs 5,607 crore.
On August 12, the company reported that for the quarter ended June of this fiscal year, its net loss stood at Rs 45 crore and total income at Rs 1,538 crore.
"During the June '22 quarter, due to delayed payment of loan instalment and coupon rate interest on optionally convertible debentures the lenders have classified the company's account as Non-Performing Assets (NPA) as per the RBI regulations on loan classification.
The lenders of the company have signed an ICA (Inter Creditors Agreement) on January 28, 2022 for resolution of the company's accounts, the company had said in the notes of accounts of financial statement for the first quarter.
The debt restructuring as per RBI's S4A scheme has improved the company's liquidity position, it said.
"However, keeping in view the status of outstanding cane dues and funds for servicing debt obligations, the company is further discussing with the lenders a debt resolution plan to have a lasting solution to improve its liquidity," Bajaj Hindusthan had said.
The resolution plan envisages reduction of its overall debt, realignment of its capital structure, payment of cane dues of farmers, increasing cane availability and supply etc.
"The company is also exploring/evaluating various options for corporate restructuring to streamline the business and enhance the company's value," Bajaj Hindusthan said.
Bajaj Hindusthan Sugar Ltd is India's leading sugar and ethanol manufacturing company.
Part of the Bajaj Group (Kushagra), it is headquartered in Mumbai, Maharashtra.
The company has fourteen sugar plants, all located in Uttar Pradesh.
These plants have an aggregate sugarcane crushing capacity of 1,36,000 tonnes crushed per day and alcohol distillation capacity of 800 kilolitres per day.
It is also one of the largest producers of ethanol and currently produces 38 million litres of ethanol per year. The company has increased its ethanol manufacturing capacity to roughly 218 million litres per year.
Bajaj Hindusthan said the company generates close to 430 MW of power from the bagasse produced at its sugar mills and supplies nearly 100 MW from it to the UP State Grid.
Additionally, it has five 90 MW coal-fired power plants adjacent to its sugar units which generate another 450 MW of electricity for the state grid.&nbsp;

Beauty brand Revlon has filed for bankruptcy as high debt along with rising inflation and supply shocks is breaking the balance sheet to a point beyond repair. 
According to reports, the 90-year-old company has been facing stiff competition from digital-native upstart brands, with supply chain disruptions hurting its ability to service demand. 
The bankruptcy caps a tumultuous period for the company, which suffered during the pandemic and faced years of declining sales as consumer tastes changed and upstart brands ate into its market share. 
Revlon, which faces stiff competition from digital-native upstart brands has a long-term debt of $3.31 billion, as of end-March.
 

This skin care brand files for bankruptcy 

The 90-year-old company has been facing stiff competition from digital-native upstart brands, with supply chain disruptions hurting its ability to service demand 
 

Revlon struggled to compete with newer brands that advertise heavily on social media

Beauty brand Revlon has filed for bankruptcy as high debt along with rising inflation and supply shocks is breaking the balance sheet to a point beyond repair.&nbsp;
According to reports, the 90-year-old company has been facing stiff competition from digital-native upstart brands, with supply chain disruptions hurting its ability to service demand.&nbsp;
The bankruptcy caps a tumultuous period for the company, which suffered during the pandemic and faced years of declining sales as consumer tastes changed and upstart brands ate into its market share.&nbsp;
Revlon, which faces stiff competition from digital-native upstart brands has a long-term debt of $3.31 billion, as of end-March.
&nbsp;

Beauty brand Revlon could face bankruptcy as high debt along with rising inflation and supply shocks is breaking the balance sheet to a point beyond repair. Bloomberg reports that the Revlon who is the creator of 15 brands including Elizabeth Arden may file for bankruptcy within a week. This news led to the stock 53%, the biggest one-day drop on record.Revlon, which faces stiff competition from digital-native upstart brands has a long-term debt of $3.31 billion, as of end-March.

Beauty brand Revlon may be bankrupt, stock halves

Beauty brand Revlon may be bankrupt 

Reports indicate that cosmetics giant Revlon Inc. is preparing to file for Chapter 11 bankruptcy&nbsp;

Beauty brand Revlon could face bankruptcy as high debt along with&nbsp;rising inflation and supply shocks is breaking the balance sheet to a point beyond repair.&nbsp; Bloomberg reports that the Revlon who is the creator of 15 brands including Elizabeth Arden may file for bankruptcy within a week. This news led to the stock&nbsp;53%, the biggest one-day drop on record. Revlon, which faces stiff competition from digital-native upstart brands has a long-term debt of $3.31 billion, as of end-March.
Also read/watch | <a href="https://www.editorji.com/business-news/crypto-crash-bitcoin-prices-collapse-below-25-000-fall-over-9-to-18-month-low-1655091654981" target="_blank">Crypto Crash: Bitcoin prices collapse below $25,000; fall over 9% to 18-month low&nbsp;</a>

A British court on Monday granted a bankruptcy order against Vijay Mallya, paving the way for a consortium of Indian banks led by the State Bank of India to pursue a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines.
The Indian banks, represented by a law firm and barrister Marcia Shekerdemian, had argued for the bankruptcy order to be granted in favour of the Indian banks.
The 65-year-old businessman, meanwhile, remains on bail in the UK while a "confidential" legal matter, believed to be related to an asylum application, is resolved in connection with the unrelated extradition proceedings.

UK High Court declares Vijay Mallya bankrupt, SBI and other banks can now takeover assets!

UK High Court declares Vijay Mallya bankrupt, SBI and other banks can now takeover assets!&nbsp;

Win for Indian banks led by SBI: UK High Court declares Vijay Mallya bankrupt

The Indian banks, represented by a law firm and barrister Marcia Shekerdemian, had argued for the bankruptcy order to be granted in favour of the Indian banks.

A British court on Monday granted a bankruptcy order against Vijay Mallya, paving the way for a consortium of Indian banks led by the State Bank of India to pursue a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines.
The Indian banks, represented by a law firm and barrister Marcia Shekerdemian, had argued for the bankruptcy order to be granted in favour of the Indian banks.
The 65-year-old businessman, meanwhile, remains on bail in the UK while a "confidential" legal matter, believed to be related to an asylum application, is resolved in connection with the unrelated extradition proceedings.

The Oyo&nbsp;promoter Ritesh&nbsp;Agarwal was quick to clarify on social media that Oyo&nbsp;was not filing for bankruptcy. The founder of the hotel aggregator&nbsp;app tweeted as many media outlets had received a pdf&nbsp;stating Oyo&nbsp;had filed for insolvency.&nbsp;The facts are quiet different, the case of insolvency has been filed against a subsidiary of Oyo over a dispute of Rs 16 lakhs, the&nbsp;subsidiary is&nbsp;Oyo Hotels and Homes Pvt Ltd (OHHPL), which operates under the brand name &nbsp;Weddingz.in.
The plea has been filed by a Gurgaon hotelier who has accused the company of defaulting on payments.Oyo claims that the Rs 16 lakh in dispute has already been paid to the claimant under protest by the entity with whom the dispute was raised.

Oyo dragged to bankruptcy court over 16 lakh dispute

The Oyo&nbsp;promoter Ritesh&nbsp;Agarwal was quick to clarify on social media that Oyo&nbsp;was not filing for bankruptcy. The founder of the hotel aggregator&nbsp;app tweeted as many media outlets had received a pdf&nbsp;stating Oyo&nbsp;had filed for insolvency.&nbsp; The facts are quiet different, the case of insolvency has been filed against a subsidiary of Oyo over a dispute of Rs 16 lakhs, the&nbsp;subsidiary is&nbsp;Oyo Hotels and Homes Pvt Ltd (OHHPL), which operates under the brand name &nbsp;Weddingz.in.
The plea has been filed by a Gurgaon hotelier who has accused the company of defaulting on payments.Oyo claims that the Rs 16 lakh in dispute has already been paid to the claimant under protest by the entity with whom the dispute was raised.

The Oyo&nbsp;promoter Ritesh&nbsp;Agarwal was quick to clarify on social media that Oyo&nbsp;was not filing for bankruptcy. The founder of the hotel aggregator&nbsp;app tweeted as many media outlets had received a pdf&nbsp;stating Oyo&nbsp;had filed for insolvency.&nbsp; The facts are quiet different, the case of insolvency has been filed against a subsidiary of Oyo over a dispute of Rs 16 lakhs, the&nbsp;subsidiary is&nbsp;Oyo Hotels and Homes Pvt Ltd (OHHPL), which operates under the brand name &nbsp;Weddingz.in.
The plea has been filed by a Gurgaon hotelier who has accused the company of defaulting on payments.Oyo claims that the Rs 16 lakh in dispute has already been paid to the claimant under protest by the entity with whom the dispute was raised.

bankrupcy

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