SFX Withdraws Beatport Sale
SFX would appear to be running out of options in its efforts to exit bankruptcy. After selling digital marketer Fame House and ticketer Flavorus to Universal Music Group, SFX withdrew its bankruptcy reorganization plan in favor of dealing directly with creditors. Now it's withdrawn a proposed Beatport sale.
In a motion to the U.S. Bankrupcy Court in Delaware today, SFX withdrew the proposed sale of Beatport. It is unclear if the offering was withdrawn because there were no credible offers, but cash from a sale was expected to help the troubled EDM promoter emerge from bankruptcy.
Last month terminated its pre-Chapter 11 Restructuring Agreement and entered into direct talks with bondholders and creditors.
SFX filed for Chapter 11 Bankruptcy on February 1st of this year.