SFX to emerge from 9-month bankruptcy
Since dance music company SFX filed for bankruptcy nine months ago, CEO and founder Robert Sillerman has stepped down from his role (to be replaced by Randy Philips), 50 employees have been laid off, and plans for reorganization have been drawn up.
The latest news in the ongoing SFX saga, however, is a positive one. The company’s most recent reorganization plan, which will cut it’s massive debt by $400 million, was just approved by a judge. The decision should pull the company out of its 9-month long bankruptcy.