As SFX Entertainment continues to crumble, it’s about time someone starts to pick up the pieces. Alda Events, a Dutch promotional company, has led the charge and acquired a handful of SFX’s assets, including Sensation Brazil, SFX Europe, and ID&T. ID&T heads well-known festivals including Tomorrowland, Mysteryland, Sensation, and Amsterdam Music Festival.
Ironically enough, SFX was originally planning to purchase Alda Events. According to Dutch magazine Quote, they originally agreed to pay $23.4 million for half of Alda Events, but the deal fell apart after SFX breached their contract due to nonpayments.
The owners of Alda, Allan Hardberg and David Lewis, followed this by exercising a “put option” for a percentage of shares, meaning that they had the option to sell assets at a particular price that is agreed upon on or before a certain date. Though SFX attempted to propose other alternatives, Hardberg and Lewis moved forward and have now taken back those Alda shares that SFX already claimed and also took the shares for Sensation Brazil, SFX Europe, and ID&T. They have also repossessed SFX business accounts with ING, Rabobank, ABN Amro and Deutsche Bank Netherlands.
SFX Entertainment has proposed a settlement to the bakruptcy court, but no details have been released thus far.
Source: We Got This Covered , QUOTE
