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The digital media company Vice filed for Chapter 11 bankruptcy in May, and new documents disclosed in the proceedings offer a rare glimpse into the financial maneuvering that led the privately held company to insolvency.
In particular, they reveal that Vice raised more than $1.3 billion in debt and equity financing using at least eight fundraising vehicles since 2017—often to compensate for a near-constant cash deficit.
The strategy, in conjunction with a shifting media and financial landscape, left the company in precarious financial health, which gave out when a key payment failed to materialize in January.
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