American events company SFX Entertainment is close to bankruptcy, according to reports.
Responsible for events such as Tomorrowland and Electric Zoo, the Robert F.X Sillerman-owned company's shares have dropped by 61.65 per cent in the last quarter (three months), with a 45.64 per cent decrease in the last week alone.
Currently going through a sale process, a group of investors filed a lawsuit in September over being mislead by Sillerman (pictured), while news of another surfaced earlier this month because of "possible violations of federal securities laws" as the owner attempted a privatisation of SFX.
This is all on top of a major mess at its festival TomorrowWorld in the United States and labels being told they had to wait for royalty payments from Beatport, the online music retailer the company oversees.
[Via: American Trade Journal]