NEW YORK (VIP NEWS)– SFX unexpectedly terminated its bankruptcy agreement last week.
A statement from the live promoter read: “This provides SFX the flexibility for more comprehensive negotiations with all of its constituents with the goal of developing a consensual Plan of Reorganization” before adding: “While the company continues to work its way through this process expeditiously, there is no set timeline for filing a Plan.”
The EDM promoter filed for bankruptcy back in February, and has since been selling off assets, including Fame House to Universal. It may now be looking for a full acquisition – or seeking to remove former CEO Robert Sillerman, who remains chairman of the company’s board, for good.
Last week, Sillerman gave his first interview since SFX filed for bankruptcy, telling Billboard "there are no easy answers" to explain its collapse. Responding to claims the firm had overpaid for the companies it acquired, he said: "It’s easy to say that in hindsight. We bought companies based on what we anticipated — that we could bring in incremental sources of revenue.
"When the company emerges from bankruptcy, it will be a robust and successful enterprise," he added. "But it will be different." –According to MusicWeek