SFX Entertainment seeks exclusivity extension ahead of plan hearing

By Caroline Salls

Pittsburgh, Nov. 1 – SFX Entertainment, Inc. requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive filing period through the earlier of the effective date of its plan or Dec. 30 and the solicitation period through the earlier of the effective date or Feb. 28.

As previously reported, SFX filed its fifth amended plan on Sept. 30. The disclosure statement was approved on Oct. 3, and the plan confirmation hearing is scheduled for Nov. 9.

“Allowing the exclusive periods to terminate before the debtors are able to confirm the plan would defeat the purpose of section 1121 of the Bankruptcy Code – to afford the debtors a meaningful and reasonable opportunity to propose and confirm a plan of reorganization,” the motion said.

“The debtors intend to use this and any further extensions of the exclusive periods to resolve issues attendant to confirmation of the plan.”

SFX, a New York-based producer of live events and entertainment content, filed for bankruptcy on Feb. 1, 2016. The Chapter 11 case number is 16-10238.

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