By Andrew Jeffrey

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 that the U.S. Bankruptcy Court for the Southern District of New York has approved a bid of $350 million USD 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 confirmation came after The New York Times reported on Thursday that Fortress, which is Vice’s largest creditor, was set to acquire the company after it increased its bid from $225 million USD, and was the only offer from multiple bidders that was deemed “qualified.” 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.

Vice has gone through several rounds of layoffs in recent years as it struggled with challenges many digital media companies have faced, which have only intensified this year as an uncertain economic situation has been to low demand from advertisers across the industry. In April, the company laid off more than 100 of its staff, primarily in its news division, resulting in ending its Vice News Tonight broadcast and disbanding its audio team.

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 $474.6 million USD owed.

A version of this story originally appeared on Realscreen.