Stereosonic ‘to expand’ as directors resign
Richie McNeill, who sold Stereosonic to now-bankrupt SFX in 2014, is upbeat about the future of the festival
News By | 3 February 2016
Despite the bankruptcy of its corporate parent and the exodus of a number of directors, Stereosonic is in rude health, says its co-founder.
Richie McNeill, who along with Dror Erez sold Melbourne-based festival promoter Totem OneLove Group to SFX Entertainment in 2014, tells theMusic that SFX “going into a chapter 11 [bankruptcy] and a restructure, potentially wiping out the equity from the shareholders, […] is a great outcome” and reveals that “there’s a lot of good stuff coming: new events, there’s expansion in terms of the touring side of the business… [the SFX bankruptcy] doesn’t affect us.”
McNeill’s intervention comes two days after SFX’s filing for chapter-11 bankruptcy – described as a ‘restructuring support agreement‘ – and the day after the exit of…
You've used your free article this month
Create a free account to read 3 articles per month, or subscribe for unlimited access.
