We all new it was coming.
We just didnt know when.
You can only mess up so many times until people have had enough. It looks like enough is enough for SFX founder and CEO Robert Sillerman (pictured above).
SFX Entertainment filed for Chapter 11 bankruptcy on Monday (February 1st, 2016).
According to MusicWeek and SFX attorney Nancy Mitchell, News has come that SFX founder and CEO Robert Sillerman will resign from SFX Entertainment in the next 60 days and will be replaced on an interim basis by the firm’s chief restructuring officer Michael Katzenstein.
As if it’s not bad enough getting offers from top EDM producers like Deadmau5.
SFX Entertainment has been granted a $115 Million loan from Junior investor bondholders who have helped the restructuring agreement for SFX’s bankruptcy financing. The SFX Entertainment bankruptcy loan money will mostly be used to pay off senior lenders and also fund the behemoth EDM promoter in daily business costs.
The EDM promoter SFX Entertainment is a stakeholder in EDM festivals and events like Awakenings, Sensation, Nature One, Electric Zoo, Rock in Rio and any more festivals.