2015 really was not a good year for Robert Sillerman and the SFX Entertainment conglomerate. After a series of lawsuits and continuous financial losses, the company has accumulated a huge amount of debt. Now that the attempt of James Barton recruitment – the president of Live Nation Electronic Music – by SFX to restructure its debt did not work, the company looks for a new solution.
To date, the Nasdaq reported that SFX has $ 312.6 million in debts, mostly senior bonds maturing in 2019. On September 30, the date of last SFX earnings report, the company had $ 59.8 million in cash in hand. The SFX, who allegedly received a default waiver of $ 30 million in debt on January 28 last year, says that now can not afford and can file for bankruptcy. According to Nasdaq, the SFX reported last year that may not have enough money to finance its debt obligations during 2016.
The question that remains in the air is: How will this affect the Tomorrowland and the other festivals produced by SFX?