EDM promoter SFX Entertainment will have to wait a bit longer to sell Beatport, the download store and streaming service, to help it escape its Chapter 11 bankruptcy restructuring. A court date to name the winning bidder has been moved to May 26 from May 5.
“At the request of interested parties who require more time to finalize their bids, we have agreed to reschedule the Beatport sale hearing to the next available court date on May 26. A new auction date will be announced once determined,” said a Beatport spokesperson in a statement.
The original schedule called for bids to be entered by April 25, the auction to commence on May 3 and the winning bid to be named two days later. According to an earlier court filing, SFX had talked with 24 parties that expressed interest, with 18 signing non-disclosure agreements and performing due diligence.