SFX owes millions to Made Events, React Presents and more
Earlier this month, SFX officially filed for Chapter 11 bankruptcy, entering a Restructuring Support Agreement and erasing their $300 million worth of outstanding debt. Now, however, their list of creditors has been revealed, showing the breadth of companies still waiting for their deferred purchase payments.
As IQ Mag reports, “11 of SFX’s 13 largest ‘non-insider’ creditors – that is, ones which aren’t associated with the company’s founder and former CEO, Robert FX Sillerman – are the owners of some of the many companies purchased by the now-bankrupt EDM promotion giant since its founding in 2012.”
At the top of the list is Dutch company Alda Events, responsible for Amsterdam Music Festival and The Flying Dutch, to which SFX owes 23.6 million. They’re followed by the promotional team behind Stereosonic festival in Austrailia, Totem OneLove Group, to which SFX owes $10.7 million.
Furthermore, SFX owes Made Events, the team behind Electric Zoo, $10 million, as well as React Presents, the team behind Spring Awakening and Summer Set, $5.8 million, respectively.
All in all, SFX’s assets are valued at $661.614m, with a total debt of $490.236m.
Via: IQ Mag
H/T: DJ Mag