SFX\’s highly publicized bankruptcy battle appears to be seeing some glimmer of hope at last. Since filing for Chapter 11 at the beginning of 2016, the EDM behemoth has struggled to gain prestige with it\’s wide-scale restructuring, including selling off some of its well-known subsidiaries, including Flavorus and Fame House, and cancelling it\’s US-based festival, Tomorrow World.
The company now seeks to replace former CEO Robert Sillerman, who was fired by SFX stockholders, with Randy Phillips, former CEO of AEG Live – pending court approval, that is. Phillips is a strong candidate among the remaining SFX executives, and was selected for his extensive experience with AEG Live, or Anschutz Entertainment Group, where he landed big time partnerships with Coachella and the New Orleans Jazz & Heritage Festival.
SFX has also agreed to pass its ownership to its primary creditors, Allianz SE and Axar Credit Management, as part of its revised plan for rehabilitation. Assuming all is approved at the court level, early reports hint at SFX escaping bankruptcy as early as Fall 2016. This is promising for the global event, TomorrowWorld. Now all eyes will shift to Randy Phillips, who will have a rather hefty job ahead of him. Stay tuned to EDM Chicago for all SFX updates in the future.