NEW YORK, June 17, 2016 (GLOBE NEWSWIRE) -- SFX Entertainment, Inc. (the “Company” or “SFX”) today announced that its pre-Chapter 11 Restructuring Support Agreement (the “RSA”) has been terminated. This provides SFX the flexibility for more comprehensive negotiations with all of its constituents with the goal of developing a consensual Plan of Reorganization (“Plan”).
The Company, its ad hoc group of bondholders and the Official Committee of Unsecured Creditors continue to work cooperatively.
While the Company continues to work its way through this process expeditiously, there is no set timeline for filing a Plan.
SFX and certain of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware on February 1, 2016. Additional information, including court filings and other documents related to the reorganization, can be found by visiting www.kccllc.net/SFX or by calling 888-201-2205 (in the U.S.) or +1-310-751-1839 (international callers). Vendors or suppliers with inquiries can call the numbers above or send an email to email@example.com.
About SFX Entertainment
SFX Entertainment, Inc. is the largest global producer of live events and digital entertainment content focused on electronic music culture (EMC) and other world-class festivals. SFX’s mission is to provide electronic music fans with the best possible live experiences, music discovery, media and digital connectivity. SFX was borne out of the technology revolution and produces and promotes a growing portfolio of live events that includes leading brands such as Tomorrowland, TomorrowWorld, Mysteryland, Sensation, Stereosonic, Electric Zoo, Disco Donnie Presents, Life in Color, Rock in Rio, Nature One, Mayday, Decibel, Q-Dance, Awakenings, and React Presents, as well as the innovative ticketing services Flavorus and Paylogic. SFX also owns and operates Beatport, the trusted global home of electronic music where fans, DJs, and creators connect, discover, and participate in the evolution of dance music culture.
This press release, and other statements that the Company may make, may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and include statements regarding, among other things, expectations about the timing and execution of the Company's restructuring plan, the Company's future financial condition and future business plans and expectations, including statements related to the effect of, and our expectations with respect to, the operation of our business, adequacy of financial resources and commitments, and the operating expectations during the pendency of the Company's Chapter 11 cases and impacts to its business related thereto. Such forward-looking statements are based upon the current beliefs and expectations of the Company's management, but are subject to risks and uncertainties, which could cause actual results and/or the timing of events to differ materially from those set forth in the forward-looking statements, including, among others: the risk that the Company may not be able to consummate the necessary restructuring transactions; the fact that the transactions contemplated by the debtor-in-possession financing agreements and documents are subject to certain conditions, which conditions may not be satisfied for various reasons, including for reasons outside of the Company's control; risks and uncertainties relating to the Chapter 11 cases, including but not limited to, (i) the Company's ability to obtain Bankruptcy Court approval with respect to motions in the Chapter 11 cases, (ii) the effects of the Chapter 11 cases on the Company and on the interests of various constituents, (iii) Bankruptcy Court rulings in the Chapter 11 cases and the outcome of the Chapter 11 cases in general, (iv) the length of time the Company will operate under the Chapter 11 cases, (v) risks associated with third-party motions in the Chapter 11 cases, which may interfere with the Company's ability to consummate the restructuring transactions, (vi) the potential adverse effects of the Chapter 11 cases on the Company's liquidity or results of operations and (vii) increased legal and other professional costs necessary to execute the Company's reorganization; and other risks and uncertainties detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, as amended, for the year ended December 31, 2014 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2015. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances, except as required by law.
Media Contacts: Jennifer E. Mercer Epiq Strategic Communications for SFX Entertainment, Inc. +1-310-712-6215 firstname.lastname@example.org
Source: SFX Entertainment, Inc.