Vice Media Group plans to file for bankruptcy
Fortress Investment Group is the company’s largest holder of debt and if Vice enters Chapter 11 would likely control the business.
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Fortress Investment Group is the company’s largest holder of debt and if Vice enters Chapter 11 would likely control the business.
The consortium is led by the UK government and Bharti Enterprises to save OneWeb from bankruptcy.
The company listed assets and liabilities in the range of $10 bn to $50bn, according to filings.
While the company was close to obtaining financing, the process did not progress because of the financial impact and market turbulence related to the spread of COVID-19.
It comes in light of the ongoing global coronavirus pandemic, a spokesperson for OneWeb confirmed.
