Dance music's biggest event production conglomerate, SFX Entertainment, announced a milestone today: the company has filed for chapter 11 bankruptcy.
The company responsible for putting on events like Electric Zoo and Tomorrowland, as well as owning iconic house music broadcasting and events company ID&T and the industry's leading music outlet Beatport, has seen trouble since May 2015 when the company went private. Earlier in January, the company announced it would consider bankruptcy to default on the company's increasing debt. And today, SFX will begin a deal to account for $300 million in debt to allow the company to continue its daily activities.
SFX's Beatport, the 12-years running platform and community for producers and electronic music fans alike, has issued a statement on the filing:
For all of us here at Beatport, it’s just business as usual. That means entire Beatport platform is fully operational without restriction. The store remains open. The streaming service continues uninterrupted. New releases are being added every day. New videos are being scheduled and filmed. Payments to labels and suppliers are ongoing in their usual manner.
We look forward to SFX successfully navigating this reorganization, and in the meantime will continue focusing on building the best music experience for the fans, artists, and DJs that make up the electronic music community.