Vice Media, valued at $5.7 billion as recently as 2017, filed for Chapter 11 bankruptcy protection on Monday as its lenders sought to recoup most of a $250 million loan from 2019.

The lenders, Fortress Credit Corp. and Soros Fund Management, entered into a stalking horse agreement to buy Vice for $225 million if no higher bid materializes during a 55-day sale period. Bankruptcy records indicate the company has $834 million in debt and $350 million in assets.

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