SFX Entertainment Inc.’s bondholder-supported restructuring agreement has fallen apart, a plan that looked to eliminate $300 million in debt and provide the electronic-music concert producer with a quick path out of bankruptcy, the Wall Street Journal reported today. The company announced on Friday that its agreement had terminated and added that the development allows it to pursue “more comprehensive negotiations with all of its constituents with the goal of developing a consensual Plan of Reorganization.” The supporting bondholder group will continue to work with SFX and the committee representing unsecured creditors, SFX said. Originally, SFX said it hoped to complete its chapter 11 case within six months. However, in its announcement Friday, it said there is no timeline for negotiations but that it hopes to work quickly. SFX filed for chapter 11 protection in February with a plan to eliminate $300 million in debt from its balance sheet.
