Vice, the famed media firm, has made an unexpected move by filing for Chapter 11 bankruptcy after over three decades of trailblazing journalism and cultural impact.

Vice had plans for an initial public offering (IPO) and was valued at $5.7 billion just six years prior. The corporation has filed for bankruptcy, though, as its finances have declined.

Vice’s creditors, who include Fortress Investment Group, Soros Fund Management, and Monroe Capital, have agreed to buy the business for under $225 million under the conditions of bankruptcy. Little more than 4% of Vice’s 2017 valuation is represented by this sum. However, Vice still has the choice to take larger offers from prospective buyers into account.

Vice’s financial report shows a startling debt of almost $834 million. Vice will have access to more than $20 million in financing from its lenders to assure continuing operations as the company goes through the selling process, which is anticipated to take several months.

Vice, previously recognized as a trailblazer in the media sector, has undergone a tremendous change as a result of its bankruptcy filing. Although Vice’s future is uncertain as it navigates this difficult phase, it cannot be denied that the firm has had a lasting impact on journalism and culture.