Electronic music festival organizer SFX Entertainment Inc (SFXE.O), which puts on days-long dance extravaganzas including New York’s ‘Electric Zoo’, is exploring a debt restructuring, a spokesman for its chief executive told Reuters on Monday.
SFX has asked investment bank Moelis & Co (MC.N) to propose ways of slashing the company’s debt pile….
It is correct that the company hired Moelis to examine broadly its position. That principally includes sales of non-strategic assets as well as examining the capital structure of the company,” a spokesman for SFX CEO Robert F.X. Sillerman said….
SFX, with about $300 million in debt, has a market capitalization of just $30 million and its debt trades at distressed levels…..