After several years of financial woes and personnel changes, Vice Media Group filed for bankruptcy on Monday. The decision was made to facilitate the sale of the company to a group of lenders. According to plans, the lenders would provide some $225 million to acquire the firm’s assets and liabilities via a credit bid. The lender consortium reportedly includes Fortress Investment Group, Soros Fund Management, and Monroe Capital.

Vice was known for providing digital content for millennial audiences, who enjoyed the content on popular websites that included Vice and Motherboard. Its cofounder, Shane Smith, had built the company from a single magazine in Canada.

Last month, Vice announced that it was undergoing a cost-saving restructuring that led to the elimination of its popular TV program, “Vice News Tonight” as well as job cuts affecting the company’s global news operations. In today’s court filing in the Southern District of New York, Vice reported its assets and liabilities ranged from $500 million to $1 billion. It said that the move would provide “more than sufficient” financing to fund its operations until a sale is finalized, which should happen by mid-summer.

According to the deal, other parties are permitted to submit higher bids for the company’s assets. Not included in the Chapter 11 filing are Vice’s global assets and Vice TV, which is a joint venture with A&E Networks.

“This accelerated court-supervised sale process will strengthen the company and position Vice for long-term growth,” stated co-chief executive officers Bruce Dixon and Hozefa Lokhandwala, who added that “We will have new ownership, a simplified capital structure and the ability to operate without the legacy liabilities that have been burdening our business. We look forward to… charting a healthy and successful next chapter at Vice.”

The company also said that it would continue to pay wages and employee benefits as well as paying vendors and suppliers on normal terms. Meanwhile, Vice Union, which represents more than 320 employees, pledged to “[stand] strong in supporting our members through stressful and uncertain times — and is more than ready to fight tenaciously for our rights. … regardless of who owns the company.”

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