Vice Media filed for bankruptcy on Monday ahead of a deal to sell the business to a group of its lenders. The move comes after Vice ditched plans to go public in 2021 and CEO Nancy Dubuc announced her resignation in February as the company’s debts mounted. Lenders including Fortress Investment Group and Soros Fund Management have submitted a bid of $225 million to acquire the business and take on “significant liabilities” from Vice if the deal goes through. The company, which was once valued at $5.7 billion, will continue its operations through the sale process thanks to a $20 million loan secured by the proposed buyers. “This accelerated court-supervised sale process will strengthen the Company and position VICE for long-term growth, thereby safeguarding the kind of authentic journalism and content creation that makes VICE such a trusted brand for young people and such a valued partner to brands, agencies and platforms,” Vice’s co-chief executive officers Bruce Dixon and Hozefa Lokhandwala said in a statement.