Vice Media, which filed for Chapter 11 bankruptcy in May, is now set to be sold to a group of buyers led by Fortress Investment Group.

The company confirmed Friday (June 23) that the U.S. Bankruptcy Court for the Southern District of New York has approved a bid of US$350 million from the investor group, which also includes Soros Fund Management and Monroe Capital. The transaction is expected to close on or around July 7.

The NYT reported on Thursday (June 22) that Fortress, which is Vice’s largest creditor, was set to acquire the company for the bid, which is up from an initial U$225 million, and was the only offer from multiple bidders that was deemed “qualified.”

The Times further noted that a bankruptcy auction originally scheduled for Thursday was called off, and that Vice co-CEOs Bruce Dixon and Hozefa Lokhandwala informed staff in an email the same day that they intend to forward Fortress’ bid to the bankruptcy court for approval. According to the report, Dixon and Lokhandwala are expected to remain in their roles after the prospective sale.

“Following a robust court-supervised process, we are pleased to receive court approval for this transaction, which we believe represents the best path forward for Vice.” said Dixon and Lokhandwala, in a joint statement.

News of the sale comes as Vice’s union has criticized the company for allegedly not paying severance to many recently laid-off workers. Former Vice workers have started a GoFundMe to create an emergency fund for these employees.

Vice’s bankruptcy filing earlier this year was widely seen as a precursor to selling the company. The filing shows the company has between 5,001 and 10,000 creditors, with Fortress being the largest at roughly US$474.6 million owed.

With files from Playback

This story originally appeared in Realscreen