After nine months of bankruptcy, SFX has finally caught a break. Judge Mary Walrath has approved their latest reorganization plans, which will eliminate $400 million of the corporation’s debt.
The judge confirmed the decision on November 9th, and the new plans outline how lenders will split the equity of SFX’s newly-structured assets, including Beatport and core festivals like ID&T’s Tomorrowland.
Additionally, SFX executives may be sued for their mishandling of the corporation, with a major target at our favorite villain, Robert Sillerman.
“Possible causes of action against Mr Sillerman include claims for breach of fiduciary duty, breach of contract, negligent misrepresentation and fraud. In addition, the debtors claims include claims against and arising from agreements with entities affiliated with Mr Sillerman, including, for breach of contract, negligent misrepresentation, and fraud.”
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