BankruptcyData’s detailed analysis and summary of SFX Entertainment’s Fifth Amended Joint Plan of Reorganization, dated September 30, 2016, is now available. The U.S. Bankruptcy Court confirmed the Plan on November 15, 2016; however, an effective date has not yet been issued.
BankruptcyData notes, “The Plan proposes the issuance of three classes of securities: New Series A Preferred Stock, New Series B Preferred Stock and New Common Stock. The Plan also proposes the issuance of three series of warrants: the Series A Warrants, the Series B Warrants, and the Series C Warrants.”
In addition, “The Valuation Analysis estimates going concern enterprise value of the Reorganized Debtors, would be in a range between $115 million and $160 million, and the mid-point of this range is $137.5 million. The Debtors estimate that common equity is ‘out of the money’ by over $460 million and up to $500 million.” BankruptcyData subscribers receive access to the full seven-page summary, which provides further details on corporate background, events leading to SFX Entertainment’s February 1, 2016 Chapter 11 filing, recovery specifications and a comprehensive break-down of all claimant classes.
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