Posts in tag

bankruptcy


Guitar Center, the only major retail music store one can purchase all sorts of gear used for djing and producing, this week had their debt rating downgraded by Moody’s. The presents the possibility that later this year the retailer will file for bankruptcy and close some or all stores. This unfortunately has been seen across …

Canada’s Pemberton festival scheduled for later this year and recently canceled was called out my WME’s (William Morris Endeavor) head of music Marc Geiger for canceling their festival and not offering a refund to fans who had bought tickets. In an interview in Billboard, Geiger stated: “I want each of them to know ‘I coming …

According to the Wall Street Journal, the bankruptcy case handling SFX Entertainment’s BK filing has approved a plan to wipeout approximately $400 million in debt. In addition, the bankruptcy judge did not approve a motion for the original investors to be a part of the post-bankruptcy SFX meaning those investors have lost 100% of their …

…SFX Entertainment continues to shed its various assets following its Chapter 11 bankruptcy filing in February, with the latest coming this week. The company announced in court documents signed yesterday (June 6) that after an auction conducted late last week, it had identified a $4 million bid from Vivendi Ticketing U.S. LLC as the “highest …

Beatport will go back to it’s original platform of primarily delivering music for dj’s to purchase. The online digital retailer will close the mobile app and live streaming platform and the event section starting May 13, 2016. SFX their parent company filed for bankruptcy in March and is to be auctioned off to the highest bidder. “When Beatport was acquired …

A consortium of dj booking agencies including WME, AM Only, Windish and Paradigm Talent Agency have agreed to a carve-out agreement with SFX. This agreement effectively allows SFX access to $15 million in funding to pre-pay for dj and music act fees. While a portion of dj fees are pre-paid, it is uncommon to have 100% …

On March 29th, Robert Sillerman stepped down as CEO of SFX (he will remain as Chairman of the Board). The following statement was sent to current employees: As most of you are aware Thursday, March 31, will be my last day as CEO of SFX. I will remain as Chairman of the Board. The disappointment …

As most of you now know, EDM conglomerate SFX files for bankruptcy next week. It remains to be seen the ultimate effect due to this. Already we have seen that Tomorrowworld outside of Atlanta is not yet confirmed for 2016. Based on the fiasco that was the Saturday night of that event with thousands of …

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 …