The Bengaluru-based IT main gained arbitration for $9.9 million in opposition to the media firm final month. Wipro filed arbitration proceedings in opposition to Vice Media in May 2020, which was associated to the termination of an outsourcing settlement.
According to observations made by Vice’s Chief Restructuring Officer Frank Pometti, Wipro’s award led VICE accounts to be frozen main as much as further monetary defaults by the corporate and its eventual Chapter 11 submitting.
Wipro didn’t reply to queries in regards to the arbitration at press time.
“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 corporate mentioned in a press release.
All of VICE’s multi-platform media manufacturers will proceed to provide and ship content material throughout platforms, the corporate mentioned in a press release. According to filings, it additionally owes cash to different firms that present enterprise software program companies to the corporate, together with Workday, Adobe, Ranker, Getty Images, Amazon Web Services, Piano Software, Salesforce, Wolftech, Asana, and Oracle.
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Source: economictimes.indiatimes.com