EDM giants SFX Entertainment are usually in the news for their massive festivals, but unfortunately, the company has filed for bankruptcy. The parent company of Beatport, Electric Zoo and Tomorrowland will go private to clear a debt of $300 million in a “debt-for-equity swap” plan which should allow the company to continue its operation during its bankruptcy proceedings and let the festivals go on as planned.
Founder of SFX Entertainment, Robert F.X. Sillerman, has been fired after causing the companies’ decline and has been replaced by a new CEO and chairman.
Thankfully, we can all still party and this year’s Tomorrowland – find out more from their website: www.tomorrowland.com/global-splash.