Festival organiser SFX Entertainment receives a financial injection of 20 million dollars. Earlier this month, the entertainment company was considering applying for bankruptcy.
SFX has not yet announced the investors, but promises to do this soon. It is also yet unclear in what way the money will be used and whether the entire group will remain standing. The only thing that has been announced is that the money will be used for SFX's own operational activities and for some departments of the group.
SFX Entertainment is the company behind i.a. ID&T, b2s and Awakenings.
Source: NASDAQ, NYT