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Feb

01

SFX Entertainment Declares Bankruptcy

By Tony Seruga

SFX Entertainment’s Electric Zoo music festival last September in New York. According to an announcement, the company’s many festivals will go on as planned. CreditKrista Schlueter for The New York Times

SFX Entertainment, the company created four years ago to capitalize on the popularity of dance music festivals, declared bankruptcy on Monday, after a troubled year in which the company’s founder abandoned a takeover bid and its stock plunged by more than 95 percent.

The bankruptcy reorganization will take the company private, eliminate more than $300 million in debt from its balance sheet and install a new chief executive to replace Robert F.X. Sillerman, who founded SFX in 2012 with adream of creating a media empire around dance music…

SFX Entertainment Declares Bankruptcy

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