SFX ENTERTAINMENT EXTENDS SELL-OFF BIDDING PERIOD

SFX Entertainment is to give investors more time to bid for the company’s assets.

The New York company has extended the deadline for bidders to make offers on the whole company or assets that are “not central to the Company’s core business” until 14th October.

The timeframe has been lengthened to accommodate the release of the company’s third quarter earnings report which will include figures for key festivals Electric Zoo and TomorrowWorld, Forbes reports.

The performance of TomorrowWorld is likely to have taken hit after heavy rain caused disruption and cancellations to the event. Ticket-holders have been offered refunds for the final night of the festival.

Last month, the beleaguered events company secured enough funding from investors, including CEO Robert Sillerman, to stave off insolvency.

Sillerman, who made a failed attempt to buyout the company earlier this year, has agreed to vote in favour of whatever sale is recommended by SFX’s special committee overseeing the process.