Troubled EDM promoter SFX Entertainment declared bankruptcy last week and now the company's creditors have been revealed.
Those owed money by SFX include Australia's Totem OneLove Group (that run popular Aussie festival event Stereosonic) who are reportedly out of pocket for $10.7m, whilst the largest unsecured creditor, Dutch EDM firm and touring company Alda, is in the red for $23.6m.
Chicago-based promoters Made Events and React Presents, who throw parties at popular music venue The Mid, are owed $10m and $5.8m respectively, and PRS for Music (a private company that provides performers with royalties) is owed at least $327,680 in subsidiaries.
Offical trade creditors are also out of pocket — those in the top 40 include private air-charter firm VistaJet (owed $1m), Epic Tents of Georgia ($442,650), NYC-based app-builder Postlight ($315,000), Front Gate Ticketing ($301,400) and event medical services company CrowdRX ($269,600).
Following the company's bankruptcy status last Monday, the firm has wiped over $300m of debt from its books. SFX Entertainment reportedly received a bankruptcy loan of $80m when the company folded, which will be used to pay off "senior money lenders".
[Via IQ Magazine]
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