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Stock Market & Financial Investment News

News Breaks
March 3, 2014
08:07 EDTSFXESFX Entertainment completes purchase of B2S
SFX Entertainment announced that it has completed the acquisition of the remaining 50% of B2S Holding, which specializes in hard electronic dance music. SFX now owns 100% of the company. SFX paid B2S $14.3M in cash and issued 400K shares of SFX common stock at closing. SFX had initially acquired 50% of B2S as part of its acquisition in October 2013 of ID&T, which has produced events such as Sensation, Mysteryland and Tomorrowland in Europe and around the world and TomorrowWorld in the U.S.
News For SFXE From The Last 14 Days
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February 3, 2016
12:28 EDTSFXESFX Entertainment CEO to resign within 60 days, Reuters says
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February 1, 2016
05:37 EDTSFXESFX Entertainment enters into RSA, files for Chapter 11
SFX Entertainment announced that it has reached an agreement with an ad hoc group of bondholders to significantly restructure the company's outstanding debt. SFX and the ad hoc group have entered into a Restructuring Support Agreement, or RSA, that will eliminate more than $300M in debt from its balance sheet, provide significant working capital and convert the majority of the bondholder group debt into equity in a newly strengthened private company. In order to facilitate the restructuring, SFX Entertainment, Inc. has today filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The company's international operating subsidiaries are not included and will not be impacted by the filing. Moreover, the company will continue to prepare for, plan and produce all of its festivals and events around the world and in the United States without interruption. SFX anticipates moving expeditiously through this process. The RSA includes a commitment from the ad hoc group to provide up to $115M in DIP, or debtor-in-possession, financing. This financing, which is subject to court approval, will be used to pay ongoing, normal course of business, obligations including artists, venues, sponsors, partners, vendors and suppliers. All scheduled and planned events and festivals will take place without interruption providing SFX's millions of fans an uninterrupted season of spectacular experiences. The company and the ad hoc group have agreed to the principal terms of a Chapter 11 Plan of Reorganization, which will be subject to approval by the Bankruptcy Court. Moreover, upon emergence, the DIP loan will convert to provide a fully funded exit from Chapter 11.

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