news|02 Dec 2024
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Musictoday finds a buyer
Hillair Capital Investments, one of the bankrupt D2F platform's creditors, has taken control with a credit bid that wipes nearly $20m off the company's debt
By IQ on 18 Nov 2016
John Mayer's spring collection, as seen on Musictoday.com
Musictoday, the formerly Live Nation-owned direct-to-fan (D2F) platform which filed for bankruptcy in September, has found a buyer in the form of one of its lenders, Hillair Capital Investments.
Investment firm Hillair was last month accused of seeking to acquire Musictoday and parent company Delivery Agent at a less-than-competitive price, to the detriment of other creditors. However, no other buyers have come forward to match its offer – which wipes out close to US$20 million of Delivery Agent’s debt – and an agreement was reached yesterday, between Hillair and the previously hostile committee of unsecured creditors.
“The parties acted in good faith with regards to the sale process”
In a court filing approving the sale, Delaware bankruptcy judge Laurie Selber Silverstein writes that he’s confident both parties “acted in good faith with regard[s] to the sale process”.
San Francisco-based Delivery Agent bought Musictoday from Live Nation in August 2014.
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