Vice Media has filed for chapter 11 bankruptcy in a New York Federal district court. Chapter 11 bankruptcy is a form of bankruptcy, usually used by corporations, which allows a company/debtor to continue to operate while it works on a repayment/settlement plan with its creditors. Under the current proposed chapter 11 plan, numerous Vice creditors are set to purchase the embattled company's assets for $225 million and take on significant liabilities, listed at $500 million to $1 billion.

In 2017, the company was valued at 5.7 billion. However, in recent months during the company's troubles, it tried and failed to find a buyer at about $1 billion. Vice co-CEOs Bruce Dixon and Hozefa Lokhandwala wrote in a statement:"This accelerated court-supervised sale process will strengthen the Company and position VICE for long-term growth," "We look forward to completing the sale process in the next two to three months and charting a healthy and successful next chapter at VICE."