SFX Entertainment Declares Bankruptcy

Due to a series of financial difficulties, SFX Entertainment, the company responsible for putting on some of the biggest festivals in the world from Tomorrowland to Electric Zoo, has filed for chapter 11 bankruptcy. Despite the $20-million in funding the company received in January , it seems as if the esteemed entertainment conglomerate could be on its way out.

Scheduled to step down from his position, CEO Robert Sillerman had this to say about SFX:

“This expression of confidence from our lenders is testimonial to the vibrancy and potential of our business, and the dedication and professionalism of the over 600 people who make up SFX. Of course this was not where we thought we’d be but with this restructuring we have the opportunity to achieve all that SFX can and will be. I’m looking forward to continuing to be part of the new SFX as Chairman. We will immediately commence a search for a new CEO to lead us as we continue to set the trend in the exploding culture that is electronic music.”

As of right now, the details surrounding SFX’s financial state are not looking too good. While all scheduled events and festivals are still set to go as planned, the future is unclear for the dance music giant.

SFX Entertainment Declares Bankruptcy