The ongoing developments of EDM conglomerate SFX Entertainment‘s chapter 11 bankruptcy are turning out to be one of the more chronicled undercurrents of the 2016 festival season. Shortly after declaring bankruptcy, the corporation announced that it would auction off Beatport and Fame House, and documents from the proceedings reveal that ticketing platform Flavorus is next on the list.
Those following the proceedings will recall that opening bids for Beatport will begin on April 28th for the sale of the company to be finalized on May 5th. An announcement dated April 7th reveals that the opening bids for Flavorus will commence on May 19th, with the auction taking place on the 23rd and the sale hearing on the 26th of the same month.
The full announcement is below:
Even after selling off Beatport, Fame House and Flavorus, SFX Entertainment has a long way to go before reaching something resembling solvency. Only time will tell how its well-chronicled mismanagement will affect the EDM industry as a whole, but in the meantime, those who hold stake in the outcomes of its assets can expect more information to surface from the proceedings in the coming days.
Published: Apr 16, 2016 11:58 am