#robert sillerman

Controversial EDM mogul Robert Sillerman dies, aged 71

Robert Sillerman, the former head of SFX Entertainment, died of respiratory failure on Sunday, November 24, according to reports confirmed by Billboard. The controversial entertainment mogul was the center of extended legal woes throughout the decade, after SFX bought up numerous EDM events and platforms including Tomorrowland, Mysteryland, Beatport, and more before tumultuous restructuring…

New Post has been published on http://edmlife.com/sfx-bankruptcy-plan-approved-with-400mm-in-debt-wiped-out/

SFX bankruptcy plan approved with ~$400mm in debt wiped out

According to the Wall Street Journal, the bankruptcy case handling SFX Entertainment’s BK filing has approved a plan to wipeout approximately $400 million in debt. In addition, the bankruptcy judge did not approve a motion for the original investors to be a part of the post-bankruptcy SFX meaning those investors have lost 100% of their investments.

Embattled CEO Robert Sillerman is still on the hook as the bankruptcy plan calls for the formation of a litigation trust to pursue civil action against the company founder.

Possible Causes of Action against Mr. Sillerman include claims for breach of fiduciary duty, breach of contract, negligent misrepresentation and fraud,” the bankruptcy agreement reads. “In addition, the Debtors claims include claims against and arising from agreements with entities affiliated with Mr. Sillerman, including, for breach of contract, negligent misrepresentation, and fraud.”

Former SFX CEO seeks lawsuit protection during bankruptcy restructuring

Former CEO of SFX Robert Sillerman is seeking protection against an ongoing lawsuit against him. In the throes of his company’s restructuring, Sillerman has asked the judge presiding in the lawsuit to pause the process while the floundering promoter concludes its chapter 11 process. In a statement from early February, Sillerman optimistically framed the bankruptcy restructuring as an “opportunity…

Beatport reports $7.5 million loss in revenue

Infamous electronic giant SFX filed for bankruptcy earlier in the year, signalling a possible bursting of the EDM bubble that has been on a rapid upward momentum since around 2010. All affiliates of Robert Sillerman’s failed foray into the scene have been negatively affected as a result of ongoing issues, with even TomorrowWorld’s future put into question.

Another arm of SFX has just reported…

SFX granted an $80 million bankruptcy loan

After filing for chapter 11 bankruptcy on February 1, ailing electronic music conglomerate SFX Entertainment has been given access to an $80 million loan. SFX entered into a Restructuring Support Agreement which erased $300 million worth of outstanding debt by swapping the debt for equity with bondholders.

A judge granted the company permission to use the loan as part of $115 million total…