SFX reorganisation plan finally approved

US bankruptcy judge Mary F. Walrath today approved SFX Entertainment’s fifth and final reorganisation plan, bringing to an end nine months of bankruptcy. Under the plan, SFX’s debts will be slashed by close to US$400 million.

Walrath rejected claims by two shareholders the business was undervalued. Denis Brisson and Valery Burlak argued in the Delaware bankruptcy court yesterday that the EDM conglomerate, which went into administration in February, is worth more than SFX’s self-valuation of $115m–$160m.

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