SFX Entertainment filed with the U.S. Bankruptcy Court a notice of withdrawal of its previously-filed motion for an order, pursuant to Sections 105(a) and 365(a) of the Bankruptcy Code, authorizing the assumption of the restructuring support agreement.
The notice states, “The Consenting Noteholders terminated the RSA by letter dated June 1, 2016 and the Debtors are working with their constituencies to formulate a revised plan.” According to a corporate press release, “This provides SFX the flexibility for more comprehensive negotiations with all of its constituents with the goal of developing a consensual Plan of Reorganization (‘Plan’). The Company, its ad hoc group of bondholders and the Official Committee of Unsecured Creditors continue to work cooperatively. While the Company continues to work its way through this process expeditiously, there is no set timeline for filing a Plan.”
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