SFX Entertainment (SFXE) Says Credit Downgrade Caused Short-Term Disruption, Confirms Indications of Interest
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In a meeting with certain of its noteholders on September 1, 2015, SFX Entertainment (NASDAQ: SFXE) disclosed that the downgrading to the Company’s corporate credit rating by rating agencies has contributed to short-term disruption to its business operations. Specifically, the Company has been required to expend more of its cash reserves than planned on unforeseen live event expenses, including making upfront payments to more of its live event vendors, impacting the Company’s liquidity. Additionally, the Company confirmed that its special committee of independent directors and management has received indications of interest regarding the potential acquisition of various components of the Company’s business. The committee and management are continuing to review these indications of interest, which are non-binding.
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