NEW YORK (CelebrityAccess) — Troubled EDM conglomerate SFX Entertainment [SFXE] has issued a statement clarifying the announcement on Friday that has terminated its pre-Chapter 11 Restructuring Agreement and entered into direct talks with bondholders and creditors.
Jennifer E. Mercer, Senior Vice President of Epiq, which has been retained by SFX to lead the company's restructuring effort, said in a statement to Hypebot:
"SFX has not exited Chapter 11. What has happened is that the Company’s Restructuring Support Agreement that it entered into with a group of bondholders prior to filing has been terminated.
The Company will now continue to work with this same bondholder group and the creditors committee on a consensual plan of reorganization-this is the plan that describes creditor treatment and what the concern will look like upon emergence."
