As the bankrupt promoter goes through a process of restructuring, it looks like download service Beatport will be the first subsidiary to go
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Phillips, the former AEG Live and Global Entertainment CEO, will head up a board also comprising Charles Ciongoli and representatives of three of SFX's investors
By Jon Chapple on 07 Nov 2016
After months of speculation, it has been has confirmed that former AEG Live CEO Randy Phillips will take over the running of SFX Entertainment when it emerges from bankruptcy in early 2017.
Buried in a mammoth 241-page court document, filed on Friday, is the news that Phillips (pictured) – listed under his real name, Brandon Phillips – will become SFX’s new CEO and president, with Global Entertainment alumni Charles Ciongoli named executive vice-president and chief financial officer, Alan Walter – presumably rival Insomniac’s current senior vice-president of finance, who also previously served at Global – becoming senior vice-president and Jason Barr remaining as senior vice-president, general counsel and corporate secretary.
The new board of directors for what the court calls the “Reorganized [sic] SFXE” is named as Phillips, Ciongoli (appointed by Phillips) and three money men: Axar Capital Management’s Andrew Axelrod, Allianz Global Investors’ Douglas Forsyth and Carlyle Group’s Nils Larsen.
A hearing to approve the new board and reorganisation plan will take place this Wednesday
Adam Richman, festival director of Electric Zoo, will take a senior role in SFX’s festival divisions as senior vice-president of EZ Festivals and Made Event, while Florida nightclub promoter David Grutman will continue as CEO of SFX Nightlife.
A hearing to consider the new board and reorganisation plan will take place this Wednesday (9 November) at 10am eastern time (15.00 GMT).
Also of note is that Viagogo – which is seeking US$1.6 million from SFX for alleged breach of contract – will be given a vote on the plan of reorganisation. While both parties are clear neither accepts the other’s grievances, Viagogo will nevertheless be eligible to cast a ballot: $1 worth.
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