SFX Entertainment files for bankruptcy

SFX Entertainment canvasAfter several months of speculation, SFX Entertainment has declared Chapter 11 bankruptcy. The electronic music company is seeking a debt-for-equity swap with its bondhonders in order to remove $300 million of debt from its balance sheet. The deal would also take the company private and replace CEO Robert F. X. Sillerman. According to the bankruptcy filing, SFX is expected to complete its restructuring within six months.

SFX has had a rocky few months financially and legally, but its Beatport property appears to be unaffected. The company just launched a new Dutch version of its EDM specialist hub.

Anna Washenko