It seems like the delicately hanging fate of Robert Sillerman and electronic music conglomerate SFX entertainment was finally sealed on February 1, when the company filed for bankruptcy. By entering a Restructuring Support Agreement, they have wiped off the $300 million worth of debt by swapping it with equity with bondholders. They now have access to a $80 million loan in order to pay off senior lenders, while reserving $23 million for operational expenses.
The loan comes under the condition that Robert Sillerman has to resign within 60 days, with his post being overtaken for now by the company’s chief restructuring officer Michael Katzenstein. While this does save the company for now, the fate of the festivals Tomorrowland and Tomorrowworld is still in question.
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