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.

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]