SFX Entertainment seeks 63-day exclusivity extension to negotiate plan

By Caroline Salls

Pittsburgh, Aug. 26 – SFX Entertainment, Inc. requested an extension of its exclusive periods for filing and soliciting voters on a plan of reorganization, according to a motion filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

SFX asked the court to extend the exclusive plan-filing period through Oct. 31 from Aug. 29 and the solicitation period through Dec. 30 from Oct. 28.

After filing its previous exclusivity motion and after its restructuring support agreement was terminated, SFX said it focused on crafting a plan that will allow it to exit Chapter 11.

As previously reported, a hearing on approval of company’s disclosure statement is scheduled for Aug. 30.

SFX said it will continue to work with the debtor-in-possession lenders, U.S. Trustee, official committee of unsecured creditors and creditors in its cases to resolve open issues with the plan.

“Allowing the exclusive periods to terminate before plan negotiations 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.

A hearing is scheduled for Sept. 16.

SFX, a New York-based producer of live events and entertainment content, filed for bankruptcy on Feb. 1, 2016. The Chapter 11 case number is 16-10238.

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