NEW YORK, July 26, 2016 (GLOBE NEWSWIRE) -- SFX Entertainment, Inc., together with its various debtor-subsidiaries and affiliates, today achieved another significant milestone toward its reorganization and emergence from chapter 11, having filed a plan of reorganization and disclosure statement with the U.S. Bankruptcy Court for the District of Delaware. In addition, the Court has scheduled a hearing to consider approval of the Disclosure Statement for August 30, 2016.

The Plan contemplates the comprehensive restructuring of the Company which will result in a significant reduction in the Company’s pre-petition and post-petition funded indebtedness. Importantly, the Plan paves the way for the Company to emerge from bankruptcy with a strong, new capital structure and as a streamlined and healthy world-leader of live events and digital entertainment content focused on electronic music culture (EMC). Moreover, upon the effective date of the Plan, the Company’s debtor-in-possession financing lenders, together with certain pre-petition lenders, will acquire ownership of the privately-held, reorganized SFX.

Subject to the vote of SFX creditors and pursuant to approval of the Plan by the Court, the Company expects to emerge from chapter 11 proceedings in or around October, 2016.

Interested parties may find the Plan and Disclosure Statement at www.kccllc.net/SFX. This press release is not intended as a solicitation for a vote on the Plan.

Michael Katzenstein, of FTI Consulting, Inc., is serving as the Company’s interim Chief Executive Officer and Chief Restructuring Officer, Greenberg Traurig, LLP is serving as legal advisor and Moelis & Company is the Company’s investment banker.

About SFX Entertainment
SFX Entertainment, Inc. is the largest global producer of live events and digital entertainment content focused on electronic music culture (EMC) and other world-class festivals. SFX’s mission is to provide electronic music fans with the best possible live experiences, music discovery, media and digital connectivity. SFX was borne out of the technology revolution and produces and promotes a growing portfolio of live events that includes leading brands such as Tomorrowland, TomorrowWorld, Mysteryland, Sensation, Electric Zoo, Disco Donnie Presents, Life in Color, Rock in Rio, Nature One, Mayday, Decibel, Q-Dance, Awakenings, and React Presents, as well as the innovative ticketing service Paylogic. SFX also owns and operates Beatport, the trusted global home of electronic music where fans, DJs, and creators connect, discover, and participate in the evolution of dance music culture.