On Feb. 1, 2016 it was announced that SFX would be filing for Chapter 11 bankruptcy. The company will go private, a new CEO will be brought in to replace outgoing CEO and Chairman Robert F.X. Sillerman, and $300 million in debt will be eradicated in the deal, which Nasdaq reports is a debit-for-equity swap.
Bankruptcy financing of up to $115 million will be given to allow the company to continue normal operations and business-as-usual trade during the restructuring process. Beatport will not be affected. Beatport released its own statement on the matter, which can be found here. Beatport says:
“…the entire Beatport platform is fully operational without restriction. The store remains open. The streaming service continues uninterrupted. New releases are being added every day. New videos are being scheduled and filmed. Payments to labels and suppliers are ongoing in their usual manner.”
The following status updates appeared on the Beatport’s Twitter page:
The bankruptcy case was filed in the U.S. Bankruptcy Court in Wilmington, Delaware. For more on what SFX Entertainment has to say, see its press release on the bankruptcy move here.
I was listening to electronic dance music without even knowing it when I was listening to Jock Jams in the 90s. Fast forward to my senior year in high school and I had discovered Fatboy Slim. I have been listening to edm ever since and love writing about new sounds, good sounds, and the music that makes us move.
