The beginning of the month saw conglomerate SFX Entertainment finally file for bankruptcy, the long-awaited conclusion to the rollercoaster year of bad news SFX has faced over the past year.
The company filed for Chapter 11 bankruptcy, allowing $300 million of their debt to be wiped clean. However, SFX still remains indebted to a steep list of creditors that has recently been revealed.
Alda Events, based in The Netherlands, is still owed $23.6 million, while Stereosonic's parent group Totem OneLove Group still seeks $10.7 million.
Even with the two largest amounts owed out of the way, SFX Entertainment is caught in quite a steep pile of debt. To Electric Zoo's Made Events, SFX owes $10 and to Chicago's React Presents which claims Spring Awakening and Summer Set Music & Camping Festival, SFX owes $5.8 million.
Besides promoters, SFX also must make payouts to trade creditors including $1 million to the private air-charter organization VistaJet, $442,650 to Great Tents based in Georgia in the US, over $300,000 to Front Gate Ticketing and many more. In total, SFX's debt racks up to a hefty $490.236 million.
[Via: Dancing Astronaut]
Valerie Lee is Mixmag's West Coast Editor. Follow her on Twitter