SFX Entertainment wins 90-day exclusivity extension to formulate plan

By Caroline Salls

Pittsburgh, June 21 – SFX Entertainment, Inc. obtained a 90-day extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The company’s exclusive filing period was extended through Aug. 29 and the solicitation period through Oct. 28.

“Allowing the exclusive periods to terminate before plan negotiations and preparation have concluded would defeat the purpose of section 1121 of the Bankruptcy Code – to afford the debtors a meaningful and reasonable opportunity to propose and confirm a consensual plan of reorganization,” the motion said.

“The debtors are now focusing on developing a framework to exit these Chapter 11 cases. The debtors intend to use this and any further extensions of the exclusive periods to resolve the various issues facing the debtors and complete the formulation of a plan of reorganization.”

SFX, a New York-based producer of live events and entertainment content, filed bankruptcy on Feb. 1. The Chapter 11 case number is 16-10238.

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