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SFX Has Officially Filed For Bankruptcy

SFX Entertainment will look to bounce back in 2016
SFX Magnetic

SFX Entertainment has filed for bankruptcy in the US.

The events company had been exploring bankruptcy options in early January, but received a lifeline investment from a Canadian private equity firm. Now the bankruptcy has been made official and SFX is making some big changes.

Robert Sillerman will no longer be the company's CEO and $300m in debt has been wiped from the balance sheet. SFX will now be taken private and will receive $115 million in financing to allow the company to maintain operations.

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Back in September 2015, a class action lawsuit was filed against SFX due to providing "false and misleading information" to investors and most recently had deals cancelled with Spotify, TMWRK and a Live Nation executive.

The steady decline of SFX has been documented in the graph below.


[via: MBW]

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