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SFX Entertainment Bankruptcy Plan Filed

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SFX Entertainment filed with the U.S. Bankruptcy Court a Joint Plan of Reorganization and related Disclosure Statement.

According to the Disclosure Statement, “The Plan proposes the issuance of two classes of securities: New Series A Preferred Stock and Reorganized SFXE Common Stock. The shares of New Series A Preferred Stock to be issued shall have a face amount equal to (i) the amounts outstanding under the Tranche B DIP Facility, including any advanced amounts under Incremental Tranche B DIP Loans, plus (ii) the amounts outstanding under the Foreign Loan Documents with respect to the Initial Foreign Loans, plus (iii) an additional amount, earned on the Effective Date, equal to 2% of the amount outstanding under the Tranche B DIP Facility and the amount outstanding under the Foreign Loan Documents with respect to the Initial Foreign Loans.”

The Disclosure Statement continues, “The New Series A Preferred Stock will accrue PIK dividends at 15% per annum and shall be perpetual preferred with a mandatory redemption at the Liquidation Preference, upon a Liquidity Event, and have such other terms and conditions as set forth in the New Series A Preferred Stock Certificate. The shares of Reorganized SFXE Common Stock to be issued shall be issued pursuant to the Plan and the New Governance Documents. The Plan also proposes the issuance of two classes of CVRs: the Class A CVRs and the Class B CVRs.”

The Court scheduled an August 30, 2016 hearing to consider the Disclosure Statement, with objections due by August 23, 2016. Read more SFX bankruptcy news.

 

The post SFX Entertainment Bankruptcy Plan Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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