- SFX Entertainment (NASDAQ:SFXE) has a deal with bondholders to erase $300M in debt and take the company private through a voluntary Chapter 11 bankruptcy filing.
- The deal is a debt-for-equity swap and arranges $115M in debtor-in-possession financing. The company wants to exit bankruptcy within six months.
- International subsidiaries aren't affected by the filing and SFX says all of its festivals and events are going forward "around the world and in the United States without interruption."
- "I'm looking forward to continuing to be part of the new SFX as Chairman," says Robert F.X. Sillerman, who notes the company will seek a new CEO.
- Shares are flat in premarket trading.