{"id":48400,"date":"2016-02-06T17:19:10","date_gmt":"2016-02-06T17:19:10","guid":{"rendered":"http:\/\/admin.aws.dancingastronaut.com\/?p=239067"},"modified":"2016-02-06T17:19:10","modified_gmt":"2016-02-06T17:19:10","slug":"sfx-granted-an-80-million-bankruptcy-loan","status":"publish","type":"post","link":"http:\/\/earthquakemix.com\/boom\/?p=48400","title":{"rendered":"SFX granted an $80 million bankruptcy loan"},"content":{"rendered":"<p>After <a\ntitle=\"filing for chapter 11 bankruptcy\" href=\"http:\/\/www.dancingastronaut.com\/2016\/02\/sfx-entertainment-files-chapter-11-bankruptcy\/\">filing for chapter 11 bankruptcy<\/a> on February 1, ailing electronic music conglomerate\u00a0<a\ntitle=\"SFX Entertainment\" href=\"http:\/\/www.dancingastronaut.com\/tag\/sfx\/\">SFX Entertainment<\/a>\u00a0has been given\u00a0access to an $80 million loan. SFX\u00a0entered into a Restructuring Support Agreement which erased\u00a0$300 million worth of outstanding debt by swapping the debt for equity with bondholders.<\/p><p>A judge granted the company permission to use the loan as part of $115 million total provided by junior bondholders who have worked with the company on the terms of the restructuring agreement. The loan will be primarily used to pay off senior lenders, though $23 million will be reserved for operational expenses.<\/p><p>SFX founder and CEO Robert Sillerman will resign within sixty days. His post will be filled on an interim basis by the company&#8217;s chief restructuring officer Michael Katzenstein. Though the teams behind Belgian megafestival Tomorrowland and Tomorrowland\u00a0Brasil have stated\u00a0that the bankruptcy will not affect their operations, the <a\ntitle=\"future of TomorrowWorld\" href=\"http:\/\/www.dancingastronaut.com\/2016\/02\/tomorrowland-spokesperson-says-tomorrowworlds-future-uncertain\/\">future of TomorrowWorld<\/a> is not guaranteed.<\/p><p><em>H\/T: <a\ntitle=\"Music Week\" href=\"http:\/\/www.musicweek.com\/news\/read\/sfx-entertainment-granted-bankruptcy-financing\/064034\">Music Week<\/a><\/em><\/p><p><strong>Read more:<\/strong><\/p><p><a\ntitle=\"Tomorrowland spokesperson says TomorrowWorld's future is uncertain\" href=\"http:\/\/www.dancingastronaut.com\/2016\/02\/tomorrowland-spokesperson-says-tomorrowworlds-future-uncertain\/\">Tomorrowland spokesperson says TomorrowWorld&#8217;s future is uncertain<\/a><\/p><p><a\ntitle=\"SFX Entertainment files for chapter 11 bankruptcy\" href=\"http:\/\/www.dancingastronaut.com\/2016\/02\/sfx-entertainment-files-chapter-11-bankruptcy\/\">SFX Entertainment files for chapter 11 bankruptcy<\/a><\/p><p><a\ntitle=\"SFX receives $20 million in funding from undisclosed investor\" href=\"http:\/\/www.dancingastronaut.com\/2016\/01\/sfx-receives-20-million-funding-undisclosed-investor\/\">SFX receives $20 million in funding from undisclosed investor<\/a><\/p> <img src=\"http:\/\/feeds.feedburner.com\/~r\/DancingAstronaut\/~4\/Jz6-mw4XQXw\" height=\"1\" width=\"1\" alt=\"\"\/>","protected":false},"excerpt":{"rendered":"<p>The loan will be used to pay off senior investors and for operational expenses<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"_links":{"self":[{"href":"http:\/\/earthquakemix.com\/boom\/index.php?rest_route=\/wp\/v2\/posts\/48400"}],"collection":[{"href":"http:\/\/earthquakemix.com\/boom\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/earthquakemix.com\/boom\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/earthquakemix.com\/boom\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/earthquakemix.com\/boom\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48400"}],"version-history":[{"count":1,"href":"http:\/\/earthquakemix.com\/boom\/index.php?rest_route=\/wp\/v2\/posts\/48400\/revisions"}],"predecessor-version":[{"id":48401,"href":"http:\/\/earthquakemix.com\/boom\/index.php?rest_route=\/wp\/v2\/posts\/48400\/revisions\/48401"}],"wp:attachment":[{"href":"http:\/\/earthquakemix.com\/boom\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48400"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/earthquakemix.com\/boom\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48400"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/earthquakemix.com\/boom\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48400"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}