SFX has had to dip further into its cash reserves, following disruptions to its business operations and unforeseen live event expenses.

The company disclosed in a noteholders meeting on Tuesday (September 1) that the downgrading of its credit rating by agencies, including Moody’s and Standard & Poor’s, has contributed to its problems, leading it to spend more of its cash reserves than previously planned. Unforeseen costs have so far included making upfront payments to live event vendors, impacting the company’s liquidity, ...