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Musictoday finds a buyer

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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