Former AEG Live chief Randy Phillips is set to succeed Robert Sillerman as CEO of embattled EDM promoter SFX Entertainment.
SFX expects to emerge from its bankruptcy proceedings in October, it revealed in its reorganisation plan, filed this week. Phillips, who had a brief stint as CEO of Ashley Tabor’s Global Entertainment last year, is being hired as part of the restructuring, reports the Wall Street Journal.
Phillips (pictured) departed AEG in 2013 after 13 years with the firm and negotiated the deal for Michael Jackson’s ill-fated 50-date run at The O2 in 2009. SFX founder Sillerman stepped down as CEO in March and the company terminated its bankruptcy agreement in June.
After declaring bankruptcy with debts of $345 million in February this year, SFX began to sell off assets including Fame House to Universal and ticketing arm Flavorus to UMG parent company Vivendi. The firm was scheduled to auction off Beatport in May, but the auction was subsequently postponed and will now no longer be sold after "dramatically" improving its profitability.
Subject to court approval, the revised plan would reportedly see the company handed over to senior creditors and would no longer give a stake to its prebankruptcy owners, including Sillerman, according to sources. It would instead offer a small stake to junior creditors, largely consisting of owners of businesses SFX had acquired in recent years.
