SFX Entertainment to restructure with $115 mln in DIP financing
SFX Entertainment Inc (NASDAQ: SFXE), a U.S. electronic music events producer, has filed for Chapter 11 bankruptcy. The company said it has also agreed to a restructuring support deal with a group of bondholders to eliminate over US$300 million in debt from its balance sheet, provide working capital, and convert most of its bondholder debt into equity as a private business. The agreement includes a commitment from the group to provide up to US$115 million in debtor-in-possession financing. Last month SFX announced it had secured a US$20 million credit facility from Canadian private equity firm Catalyst Capital Group.
1 February 2016•6 mins read
