SFX Entertainment has secured $90m (£57.9m) in funding.
According to Billboard, an “unnamed institution” bought $30m (£19.3m) of stock in the company. A further $15m (£9.6m) worth of stock was acquired by CEO Robert F.X Sillerman’s Sillerman Investment Partners III LLC with a further $15m promised within the next few days. The remaining $30m investment comes from SFX’s credit facility.
The embattled events company is reported to have debts totalling $325 (£210) million.
Last week, a lawsuit was lodged against SFX alleging, among other things, that Sillerman made “materially false and misleading statements” in connection to his failed attempt to take the company private.
In August, rating agencies downgraded SFX’s credit rating following Sillerman’s unsuccessful takeover bid.