SFX Entertainment Files for Bankrupcy, CEO Is Fired

The EDM megacorp owns Beatport, Electric Zoo and Tomorrowland

Electronic dance music giant SFX Entertainment -- which owns Beatport, Electric Zoo and Tomorrowland -- has recently filed for chapter 11 bankruptcy. Reported by The Wall Street Journal, the deal struck today after a protracted period of financial sufferings. The company will go private and clear $300 million of debt in a "deb-for-equity swap" plan. This will provide $115 million in financing to allow the company to continue operation during its bankruptcy proceedings. SFX founder Robert F.X. Sillerman, who caused the company's value to plummet after attempting to buy back the company from its shareholders, was fired and will be replaced by a new CEO and chairman.

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