Wipro is largest unsecured creditor of crisis-hit Vice Media, says report

The media group owes Wipro $9.9 million after the latter won an arbitration award

BS Web Team New Delhi

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Vice Media LLC, which filed for Chapter 11 bankruptcy on Monday, owes Indian IT major Wipro almost $10 million, said a report by Economic Times (ET).
According to filings, Wipro is Vice Media's top unsecured creditor, the report said.

Last month, the Bengaluru-based IT major won $9.9 million in arbitration against the media company. Wipro initiated arbitration proceedings against Vice Media in May 2022, in connection with the termination of an outsourcing agreement.
“Vice Media Group today announced that it has agreed to the terms of an asset purchase agreement (APA) with a consortium of its lenders (Lender Consortium), pursuant to which the Lender Consortium has agreed to purchase the Company, subject to higher and better bids from other parties and to the terms of the APA,” the company said in a statement.

Vice's multi-platform media brands will continue to generate and deliver content across platforms, the company said in a statement.
According to filings, it also owes money to other companies that supply enterprise software services to the corporation, such as Workday, Adobe, Ranker, Getty Images, Amazon Web Services, Piano Software, Salesforce, Wolftech, Asana, and Oracle.

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First Published: May 17 2023 | 4:04 PM IST

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