SFX Entertainment has declared bankruptcy. The corporation, “helmed by EDM magnate Robert F.X. Sillerman was behind festivals like Electric Zoo and TomorrowWorld,” according to SPIN.
The bankruptcy comes after a brutal 2015 for the company. The investors lost confidence and pulled out of their funding. According to the New York Times, “its properties — including another major event, Mysteryland, and online electronic music hub Beatport — will remain intact.”
The company was created 4 years ago to capitalize the popularity of dance music festivals. Festivals including, Electric Zoo, Mysteryland, TomorrowWorld, and Stereosonic will go on as planned.
“This expression of confidence from our lenders is testimonial to the vibrancy and potential of our business,” Mr. Sillerman said in a statement. “Of course this was not where we thought we’d be, but with this restructuring we have the opportunity to achieve all that SFX can and will be.”
“Mr. Sillerman, who owns about 40 percent of the company’s shares according to his most recent filings, said that he would remain the chairman of SFX and that the company would begin searching for a new chief executive immediately,” said the New York Times.
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