Fortress Investment Group is the company’s largest holder of debt and if Vice enters Chapter 11 would likely control the business.
Vice Media Group is preparing to file for bankruptcy, which was valued at $5.7bn in 2017, according to a report by The New York Times.
The company is considering the move after struggling to find a buyer.
The decision comes about a week after the well-regarded TV and online video outlet laid off staff and cancelled its flagship programme Vice News Tonight.
The media firm has received interest from five companies and might consider a sale to avoid bankruptcy. The report further added that in the event of a bankruptcy, which could happen in the coming weeks, Vice’s debtholder Fortress Investment Group could end up controlling the company.
“Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning,” Vice said in a statement to the New York Times. “The company, its board and stakeholders continue to be focused on finding the best path for the company.”
Vice operates a cable channel of the same name and creates documentaries and other video content for its own outlets and others.