When all seemed to be over for SFX entertainment with bankruptcy and Robert Sillerman facing a class action suit, there is word around town that they have received $90 million funding. This comes from old investors and new – $60 million in new and 30 million by restructuring existing credit facility. Here’s what Sillerman had to say about it:
“This round of financing from these sophisticated investors reflects a level of confidence and provides growth capital to support many of the exciting new initiatives SFX is undertaking. While the Company continues to explore strategic alternatives, this solidifies SFX for the short and long term, so we can focus on producing great festivals and events and operating globally recognized digital properties.”
Richard Rosenstein, CFO for the company said
“Together, these transactions immediately improve our financial position by providing us with additional operating and working capital. We value these investors’ confidence in our business and equally appreciate the commitment made by GoldenTree through the assumption of our revolving credit facility. With the success of many of our festivals in the current quarter and this added financial flexibility, SFX is better positioned to continue growing our powerful brands and support our extraordinary team members who are focused on executing on our strategic plans. This also eliminates all operating distractions as we explore proposals from interested strategic partners.”
Lets hope the fate of this new funding will be better than in the past. Meanwhile, did you check out the latest Tomorrowland aftermovie?
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