After declaring bankruptcy in February, SFX Entertainment has created a reorganization plan and will undergo major changes. Founder and CEO of SFX Entertainment, Robert Sillerman, has stepped down and is going to be replaced by Randy Philips. The company has also laid off 50 employees. A judge recently approved SFX Entertainment’s reorganization plan which will cut the company\’s debt load by approximately $400 million.

Via The Wallstreet Journal