NEW YORK (CelebrityAccess) — SXF Entertainment has inadvertently revealed some of their festival lineup plans and the contract payment structures in bankruptcy court filings.
According to the Wall Street Journal, court documents by SFX revealed that the company is moving forward with festival plans, with events such as Spring Awakening set to take place in Chicago this June, with headliner Skrillex, while DJ/Producer Tiesto will perform at the Electric Zoo in New York in September.
SFX said in court papers that since their February bankruptcy, artists and their agents have been seeking payment in full ahead of performances. To assuage the talent and reps, the company reached a deal to set aside $15 million specifically for performers, which SFX characterized as a “comprehensive solution for a going forward business relationship in these chapter 11 cases between and among the debtors, the artists and the agents," the Wall Street Journal said.
According to the filing, headliners will get 25% of their fee before the lineup is announced, 50% a month before the event and the remaining 25% at least five business days before.
Non-headlining artists will get 15% ahead of the lineup, 40% a month out from the festival date and 45% five days prior.
Smaller shows and club events will see artists offered 20% of fees before the performance is announced, 40% a month before the event and 40% five days prior. – Staff Writers