SFX Entertainment has ended its pre-Chapter 11 restructuring support agreement. According to the press release, ending the RSA “provides SFX the flexibility for more comprehensive negotiations with all of its constituents with the goal of developing a consensual Plan of Reorganization.” The entertainment company will keep working with its ad hoc group of bondholders, but there is no hard timeline for it emerging from its financial woes. The original Chapter 11 bankruptcy plan would have eliminated $300 million in debt from SFX’s balance sheet.
SFX has been struggling for some time, and its EDM-focused portal Beatport has been the subject of much change as a result. That brand was briefly on the auction block, but eventually kept in-house, although its streaming service was shuttered.