SFX the owner of Beatport are considering to file Bankruptcy

Posted at January 9th, 2016 | by Udit | in

The EDM giant SFX Entertainment who owns the brand Beatport continues to decline under massive debt. The company was valued around 1 Billion in the year 2013 by Forbes. It spent its major resources in taking over other companies in 2014.

The problems started last year when the company froze all payments through Beatport to record labels. Last year the company tried to go Private again and the plan was to sell it to the original founders. But last minute backing out left the company in no position to recover from its debts.

As the debt continues to rack up—and the company begins to default on some loans—SFX has hired a consulting firm to help it deal with its financial woes. The latest reports reveal that the company is considering filing for bankruptcy, as it may not have enough money on hand to survive through 2016. (SFX has $59.8 million in cash compared to $312.6 million in debt, according to the NASDAQ.)

Source: Resident Advisor

Udit

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