VICE MEDIA: Over and Out

By Staff Reporters

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Vice Media filed for bankruptcy

The company, which was valued at $5.7 billion in 2017, filed for Chapter 11 bankruptcy protection yesterday and plans to sell itself to a group of creditors for $225 million. It’s the latest in a string of digital media companies to stumble recently after advertising revenue became harder to come by.

Vice’s filing also made it one of seven large companies to head to bankruptcy court in a 48-hour period—the largest number of filings during a two-day period since 2008, according to Bloomberg.

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BANKRUPT: Genesis Global Chapter 11

By Staff Reporters

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The bankruptcy of Barry Silbert’s Genesis Global may not have pummeled crypto markets like the implosion of Sam Bankman-Fried’s FTX did, but it features a list of top creditors with similarly large claims topping $3 billion in total.

According to Bloomberg, Genesis’s Chapter 11 filing on Thursday listed seven creditors owed at least $100 million. By far the biggest one is a $766 million claim related to customers of crypto exchange Gemini, who have money stuck with Genesis’s lending unit. FTX-linked entities have 10 claims of more than $100 million, according to a redacted list filed Saturday. 

In all, Genesis owes its top 50 creditors $3.4 billion; for FTX, that figure stands at $3.1 billion. While some of the names of Genesis’ biggest creditors have been redacted in the filing, below is a list of major names.

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