A judge has approved SFX’s latest reorganisation plan, which will see the dance music company’s debt cut by $400 million.
As The Wall Street Journal reports, the decision will see the beleaguered company emerge from nine months of bankruptcy. SFX filed for bankruptcy in February of 2016. Since then the company’s controversial founder, Robert Sillerman, has stepped down from his role as CEO, though he stayed on as chairman of the SFX board. The company then laid off 50 employees from its New York office, before deciding not to sell one of its key assets, Beatport. It was recently revealed that Randy Philips had replaced Sillerman as CEO.
Who is SFX Entertainment?
SFX Entertainment is an American live events conglomerate, SFX focuses primarily on live events and other properties relating to Dance Music and the culture surrounding it.
The company has ownership of various major electronic music promoters and festival brands, such as Tomorrowland, Electric Zoo, Stereosonic, Voodoo Experience, and a 50% stake in Rock in Rio among others. The company also holds events at several nightclubs in the Miami area, the online music store Beatport, and several music-oriented web development firms.