bankruptcy
Destination Party Producer Pollen Files for Bankruptcy
Following on the heels of Drumcode cancelling their festival next month to take place in Malta due to Pollen not meeting their contractual agreements, word came down yesterday that the party promoter is filing for administration (UK term which equates to bankruptcy in the US). The owners of Pollen (Streetteam Software Ltd.) had been trying …
Guitar Center in major financial trouble, may file for 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 …
Canadian music festival canceled – major industry player calls it ‘fraud’
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 …
SFX bankruptcy plan approved with ~$400mm in debt wiped out
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 …
Flavorus EDM ticketing site sold to Vivendi for $4 Million in SFX asset auction
…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 to implement major changes!
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 …
Judge sets aside $15 million for SFX to guarantee dj fees this summer
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% …
SFX head Robert Sillerman’s parting words to employees
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 …
SFX Bankruptcy Filing update – Stock hits $0.01 per share
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 …
SFX looking into restructuring debt to save itself
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 …
