![]() ![]() ![]() The New York Post reported that Vice has brought on board restructuring specialist Mohsin Meghji of M3 Partners to help dig the company out of its hole. "Despite its obligation to pay the invoiced amounts upon receipt, Vice Holding has failed to pay FTI the amounts set out in the invoices," the filing states.įTI had no further comment on the filing, according to a spokesman. Ironically, Vice hired FTI to help it with "profitability analysis" and to design "cash management" tools, according to the filing. FTI claims it is owed $953,390.50 by Vice Holding, which it says received FTI invoices without objection. The FTI lawsuit, filed in New York state court, alleges that Vice Holding, the parent of Vice Media, hired the Washington, DC-based consultancy to help it with accounting projects and management and then failed to pay its bills.įTI Consulting, which specializes in restructuring and corporate finance, was hired by Vice in May 2019 and again in 2021, according to the filing. On Monday, February 27, three days after Dubuc's exit, Vice's board promoted the company's chief strategy officer, Hozefa Lokhandwala, and its chief financial officer, Bruce Dixon, to o lead the firm as co-CEOs. Wipro's is the fifth such public claim against Vice, coming on the heels of a February 23 legal filing by FTI Consulting, a management consultancy, that alleges non-payment of fees of nearly $1 million. Vice continues to have supportive capital partners and is poised for long-term growth and success." "We are considering our options with respect to further challenging some of the amounts awarded. The statement added that the fees adjudicated to Wipro related to contractual termination. Vice lost the case and Wipro proceeded to court to get its money.Īccording to documents filed in New York state court, Wipro submitted claims going back to early 2020 for work it had done before entering arbitration.Ī Vice spokesman shared a statement to Insider via mail, reading, "This award is the result of a failed outsourcing arrangement that VICE terminated some 3 years ago, and is unrelated to VICE's current business." Vice, which lost its CEO, Nancy Dubuc, last month and then replaced her with two new co-CEOs, was part of an arbitration process with tech services firm Wipro. ![]() After CEO Nancy Dubuc exited in February, Vice named new co-CEOs, Hozefa Lokhandwala and Bruce Dixon.Ī New Jersey-based IT firm claims it's owed $9.8 million by troubled media giant Vice, according to a legal filing reviewed by Insider.Vice is considering options to challenge the amount awarded in arbitration, according to a statement.Vice Media owes IT firm Wipro $9.8 million in fees, a court filing alleges.Account icon An icon in the shape of a person's head and shoulders. ![]()
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