SFX received welcome news this past week when a judge approved the company’s reorganization plan, which includes their debt getting cut by $400 million.
The Wall Street Journal has reported on the news, giving SFX the opportunity of exiting from 9 month of bankruptcy. The electronic music events company filed for bankruptcy in February of this year, a move that many interpreted as the sign that major shifts were happening in the worldwide EDM industry. Following the bankruptcy filing, the company’s contested Founder Robert Sillerman stepped down from his CEO position while remaining chairman of SFX’s board.
The company then went on to announce the sale of Beatport before taking the music service company off the market, restructuring its services portfolio and bringing it back to profitability. They also made moves to sell other assets off as part of their restructuring plan, including the sale of Flavorus to Vivendi for $4 million.