SFXE Issues Clarification Of Reorganization Plan

Troubled EDM conglomerate SFX Entertainment [SFXE] has issued a statement clarifying the announcement on Friday that has  terminated its pre-Chapter 11 Restructuring Agreement and entered into direct talks with bondholders and creditors.

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Jennifer E. Mercer, Senior Vice President of Epiq, which has been retained by SFX to lead the company's restructuring effort, said in a statement to Hypebot: 

"SFX has not exited Chapter 11. What has happened is that the Company’s Restructuring Support Agreement that it entered into with a group of bondholders prior to filing has been terminated.

The Company will now continue to work with this same bondholder group and the creditors committee on a consensual plan of reorganization-this is the plan that describes creditor treatment and what the concern will look like upon emergence."

MORE: SFX Entertainment Terminates Chapter 11 Restructuring Agreement