Troubled company SFX Entertainment is close to bankruptcy, according to new reports.
The American events giant, which is responsible for festivals including Tomorrowland, Mysteryland and Electric Zoo, has seen its shares drop by 61.65 percent in the last three months, with a 45.64 percent decrease in the last week alone.
A group of investors filed a class action lawsuit in September over being misled by owner Robert F.X Sillerman (pictured), while another recently surfaced because of “possible violations of federal securities laws” as the owner attempted a privatisation of the company.
On top of all the company's grievances (TomorrowWorld getting cancelled, Beatport freezing label payments), it’s not looking good.
Via the American Trade Journal.
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