SFX Entertainment Declares Bankruptcy
February 2, 2016 at 3:58 AM (PT)
It's been rumored for some time, but now it's official -- EDM Concert Producer SFX ENTERTAINMENT declared bankruptcy on MONDAY.
THE NEW YORK TIMES reports, "The bankruptcy reorganization will take the company private, eliminate more than $300 million in debt from its balance sheet and install a new chief executive to replace ROBERT F.X. SILLERMAN, who founded SFX in 2012 with a dream of creating a media empire around dance music."
“This expression of confidence from our lenders is testimonial to the vibrancy and potential of our business,” SILLERMAN said in a statement. “Of course this was not where we thought we’d be, but with this restructuring we have the opportunity to achieve all that SFX can and will be.”
SILLERMAN said he would remain as Chairman. He owns about 40% of the company’s shares.