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Reports say SFX Entertainment is on the verge of bankruptcy

Shares have dropped alarmingly in the last three months

  • Mixmag staff
  • 18 November 2015

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]

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