On May 15, 2023, VICE Media Group Announced that it has agreed to an asset purchase agreement ("APA") with a consortium led by Fortress Investment Group ("Fortress") and including collectively with Soros Fund Management and Monroe Capital, (collectively the "Fortress Consortium"). Pursuant to which the Fortress Consortium will serve as the "stalking horse bidder" in a court-supervised sales process intended to maximize value for the Company and its stakeholders.

VICE has obtained commitments for debtor-in-possession ("DIP") financing from the Lender Consortium, as well as consent to use more than $20 million of cash that constitutes the cash collateral of the Lender Consortium. VICE anticipates that this financing, as well as the cash generated from ongoing operations, will be more than sufficient to fund its business throughout the sale process.

To facilitate the sale process, VICE has filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York. This action is expected to provide for an orderly sale of VICE under Section 363 of the Bankruptcy Code. It is anticipated that VICE will emerge from the Chapter 11 process within two to three months.

Throughout the sale process, all of VMG's media brands, including VICE Studios, VICE TV, Virtue, VICE.com, Refinery29 and i-D, will continue to produce and deliver award-winning content across platforms.

The Company will pay vendors and suppliers in full under normal terms for goods and services provided on or after the date of the bankruptcy filing.

The proposed transaction with the Fortress Consortium is being completed pursuant to Section 363 of the U.S. Bankruptcy Code and is subject to, among other things, higher and otherwise better offers to purchase any or substantially all of VICES's assets, Court approval, antitrust approval, any other such approvals as may be required by law, and other customary conditions. Given these conditions, there can be no assurance that the proposed transaction will be consummated.

On May 15, 2023 (the "Petition Date"), Vice Group Holding Inc. and thirty-two (32) affiliated debtors (together, the "Debtors") filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The Debtors' bankruptcy cases are jointly administered under Case No. 23-10738 before the Honorable John P. Mastando III in the United States Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court").

For immediate information about the bankrutpcy case, ask Stretto Conductor. For additional information about the bankruptcy cases may be obtained by calling the case information line at 855.620.5725 (Toll-Free) and 949.620.1618 (International). You may also submit an inquiry via email by clicking HERE.