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SFX Entertainment Sale Approved

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The U.S. Bankruptcy Court issued an order approving the sale of all or substantially all of the assets of SFX Entertainment’s Flavorus ticketing company free and clear of all liens, claims, encumbrances and interests; (ii) approving the final asset purchase agreement; (iii) authorizing the assumption and assignment or rejection of certain executory contracts and unexpired leases and (iv) granting related relief.

As previously reported, “At the Auction, the Debtors, in consultation with the DIP Lenders, Consenting Noteholders and Committee, determined that the Successful Bidder was Vivendi Ticketing U.S. The Successful Bid included a Cash Purchase Price of an amount equal to four million dollars (US $4,000,000) minus the Estimated Closing Aggregate Cure Amount plus Assumed Liabilities… At the Sale Hearing, to be held on June 8, 2016 in the Bankruptcy Court, the Debtors will seek entry of an order (the ‘Sale Order’) authorizing and approving the transactions contemplated by the Successful Bid.”

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