It appears that the saying \”no news is good news\” is accurate for event company, SFX Entertainment. After being out of the spotlight for a few months, Rob Sillerman\’s debt-ridden company has popped back up with some positive news to start off the new year. According to New York Post, SFX has announced that they have received $20 million in financing from an undisclosed source.
The week leading up to the announcement was especially chaotic for the company. While news broke out that SFX had hired FTI Consulting as a chief restructuring officer, the stocks hit all-time lows of 7 cents per share. After announcing the new financing, shares went up by 57%, taking them to the current value of 12 cents per share.
The source of the financing is unknown at this point but Sillerman has promised to reveal the investor in a filing next week. There are reasons to believe that this is not the first time this particular source has helped the company out.
Between TomorrowWorld, getting sued and multiple failed attempts at saving the company, the money could not have come at a better time. However, SFX still has a very long time to go before they will be able to stand on their own.