NEW YORK, July 26, 2016 (GLOBE NEWSWIRE) -- SFX Entertainment, Inc., together with its various debtor-subsidiaries and affiliates (collectively, the “Company” or “SFX”), today achieved another significant milestone toward its reorganization and emergence from chapter 11, having filed a plan of reorganization (the “Plan”) and disclosure statement (the “Disclosure Statement”) with the U.S. Bankruptcy Court for the District of Delaware (the “Court”). In addition, the Court has scheduled a hearing to consider approval of the Disclosure Statement for August 30, 2016.
The Plan contemplates the comprehensive restructuring of the Company which will result in a significant reduction in the Company’s pre-petition and post-petition funded indebtedness. Importantly, the Plan paves the way for the Company to emerge from bankruptcy with a strong, new capital structure and as a streamlined and healthy world-leader of live events and digital entertainment content focused on electronic music culture (EMC). Moreover, upon the effective date of the Plan, the Company’s debtor-in-possession financing lenders, together with certain pre-petition lenders, will acquire ownership of the privately-held, reorganized SFX.
Subject to the vote of SFX creditors and pursuant to approval of the Plan by the Court, the Company expects to emerge from chapter 11 proceedings in or around October, 2016.
Interested parties may find the Plan and Disclosure Statement at www.kccllc.net/SFX. This press release is not intended as a solicitation for a vote on the Plan.
Michael Katzenstein, of FTI Consulting, Inc., is serving as the Company’s interim Chief Executive Officer and Chief Restructuring Officer, Greenberg Traurig, LLP is serving as legal advisor and Moelis & Company is the Company’s investment banker.
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, 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 service 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 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) 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.