The American entertainment giant SFX is struggling. Following an ambitious buy-up policy, the company, which belongs to billionaire Robert Sillerman, is facing enormous debts and growing losses. Analysts are saying it might go bankrupt, De Tijd reported on Thursday.
That could affect the Belgian electro music festival Tomorrowland, which works closely with SFX during its events in the United States and Brazil.
When it entered the Stock Market in October 2013, SFX was worth a billion dollars. Today, it is worth just 85 million dollars on the Stock Market.
Tomorrowland’s organisers say they are following their American partner’s situation closely, and are preparing for the possibility of SFX going bankrupt as best they can.
Jason Bennett (Source: Belga)