News
SFX Entertainment has $80 million bankruptcy loan to spend
The company has $155m in total while it goes through a restructure
The bankrupt SFX Entertainment has been given permission to start spending part of a new loan.
Officially announcing its chapter 11 bankruptcy earlier this week, getting rid of $300 million worth of debt, SFX has been given access to $80m of $115m from junior bondholders.
Music Week reports the money will be going to "senior money lenders" and will cover operational expenses while the restructuring process goes on.
As part of the new structure, the TomorrowWorld and Beatport owner will finally be going private, with CEO Robert Sillerman leaving his post within the next 60 days.
Dave Turner is Mixmag's Digital News Editor, follow him on Twitter here