Report: SFX Entertainment To Name Randy Phillips CEO
July 26, 2016 at 12:36 PM (PT)
EDM concert producer SFX ENTERTAINMENT, INC,, which filed for bankruptcy earlier this year (NET NEWS, 2/2), will hire concert promotion vet RANDY PHILLIPS as its CEO when it emerges from bankruptcy protection, DOW JONES NEWSWIRE reports. The hire is part of a new restructuring plan that's expected to be announced as soon as this week.
PHILLIPS previously oversaw the live-entertainment arm of ANSCHUTZ ENTERTAINMENT GROUP, which backed COACHELLA VALLEY MUSIC AND ARTS FESTIVAL in CALIFORNIA and the NEW ORLEANS JAZZ & HERITAGE FESTIVAL in LOUISIANA.
After its original restructuring plan was scrapped last month, (NET NEWS, 7/5), a new plan, which is subject to court approval, would hand the company over to senior creditors including ALLIANZ SE and AXAR CAPITAL MANAGEMENT LP. Its pre-bankruptcy owners, including Chairman/CEO ROBERT F.X. SILLERMAN, wouldn't get a stake in the reorganized SFX. Instead, small stakes would be given to junior creditors -- primarily owners of businesses SFX had acquired in recent years.
SFX could emerge from bankruptcy as soon as this fall.