In recent documents
filed in relation to their bankruptcy proceedings, they disclosed a
massive number of artists booked for upcoming SFX events, including
headliners at major festivals. Of particular note are Skrillex
performing at the Spring Awakening festival in Chicago in June, and Tiesto performing at Electric Zoo in New York in September
This disclosure comes as a result of artists and managers concern about not being paid for performances at SFX events.
SFX reached an agreement with lenders to set aside $15 million for artists payments. They also set up an arrangement whereby artists will be paid in 3 increments leading up to the scheduled performance, including a portion of payment before they are announced on the lineup, and full payment completed at least 5 days prior to performance.
Apparently SFX requested that access to these filings be restricted, given the disclosure of confidential information - like lineups that haven't been announced. Obviously this request was ignored.
SFX just can't seem to catch a break lately
This disclosure comes as a result of artists and managers concern about not being paid for performances at SFX events.
SFX reached an agreement with lenders to set aside $15 million for artists payments. They also set up an arrangement whereby artists will be paid in 3 increments leading up to the scheduled performance, including a portion of payment before they are announced on the lineup, and full payment completed at least 5 days prior to performance.
Apparently SFX requested that access to these filings be restricted, given the disclosure of confidential information - like lineups that haven't been announced. Obviously this request was ignored.
SFX just can't seem to catch a break lately
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