Tag: bankrupt

SFX Entertainment Files For Bankruptcy

It has finally happened. As we predicted last month, SFX has filed for bankruptcy. The dance music colossus is bust, even though it received $20 million in funding in mid-January. In the end, it turns out, the financial struggles, created mainly by a string of expensive takeovers and a crash of its stock price, the holding has coped with in the last year were irreversible. There are some silver linings to be found, however. Globenewswire reports that SFX has will undergo a Restructuring Support and Forbearance Agreement including a commitment from the ad hoc group to provide up to $115 million ... Read more

Elastic Artists Social Media Hacked By Unpaid Artists

Last week it was reported that Elastic Artsists, booking agency to the likes of ├éme and Dixon, was holding back payments to its artists under terms they describe as ‘financial difficulties”. In a statement reported by RA that states, “the company is currently experiencing financial difficulties which have meant we are unable to release monies to clients for shows that have already taken place.” It adds: “We are exploring options to restore the company’s liquidity and to transfer the ownership of the business to a new team.” Though taking the necessary publicity steps, it seems that the company has started ... Read more