SFX receives $20 Million in funding from undisclosed investor
A rupture has occurred in the continuously devolving luck of Robert Sillerman’s event company, SFX Entertainment. According to New York Post, SFX has now received $20 Million in funding from an undisclosed source:
“Sillerman’s SFX Entertainment electronic dance music company ended a rollercoaster week on a high note after the near-broke company announced $20 million in new financing. The deal, announced before the markets opened on Friday, sent SFX shares soaring 57 percent, to 12.4 cents, amid a broad and deep market sell-off. SFX didn’t identify the new funding source but promised to do so in a regulatory filing next week.”
Earlier this month, Nasdaq reported that the nearly-bankrupt company owed “$312.6 million in debt, mainly senior bonds due in 2019,” juxtaposed against the $59.8 million in cash on hand they reported in a September 30th earnings report. The $20 Million savior, which industry speculators believe to have previously worked with Sillerman, provides a much needed lifeboat for SFX, but the water ahead is still very tumultuous.
Via New York Post.