SFX hires Randy Phillips as new CEO, pending court approval
SFX’s enduring, and public battle with various financial hardships appears to be simmering down at long last. Since filing Chapter 11 bankruptcy at the beginning of 2016, the behemoth promoter has struggled amidst a large-scale restructuring, including the selling of some of its well-known sub companies including Flavorus and Fame House.
Pending court approval, the company now seeks to replace a disgraced Robert Sillerman –who contributed to SFX’s downfall as a whole – with Randy Phillips, former CEO of AEG Live. Phillips is a reputable pick among SFX executives, who selected him for his extensive experience with the prominent Anschutz Entertainment Group. Prior accomplishments during his reign at the Group centered around scoring partnership deals with Coachella and the New Orleans Jazz & Heritage festival.
SFX also agreed to pass its ownership onto its primary creditors Allianz SE and Axar Credit Management as part of its revised plan for. Assuming all is approved and goes smoothly, early reports hint at SFX escaping bankruptcy as early as Fall 2016.