The EDM promoter has hired an investment bank to explore options for selling non-core assets and reducing debt load.
EDM promoter SFX Entertainment has hired investment bank Moelis & Co. to explore possibilities regarding the sale of non-core assets and restructuring its debut. The news was first reported by Reuters. A spokesperson for SFX confirmed the hiring to Billboard. SFX shares rose 20 percent to $0.36 on the news before falling to $0.302 by midday Monday.
News that SFX is taking steps to reduce its debut is a new, but expected, turn of events. The company had already received interest in non-core assets during the bidding process associated with Sillerman's effort to take the company private. This year, Sillerman has twice announced a bid to take SFX private before failing to secure the necessary financing.