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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 spring collection, Musictoday, Hillair Capital Investments

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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