SFX Entertainment files for bankruptcy
Sillerman's EDM conglomerate has entered a 'restructuring support agreement' which will wipe off over $300 million in debt
News By | 1 February 2016
SFX Entertainment has filed for bankruptcy. As part of the ‘restructuring support agreement’ (RSA), which will wipe over US$300 million in debt from the company’s books, SFX bondholders will have their debt converted into equity in “a newly strengthened private company”.
The EDM promoter’s founder, chairman and CEO, Robert FX Sillerman, has long wanted to buy back the 60 per cent of SFX he doesn’t own but has struggled to raise the necessary capital.
Sillerman will step down…
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