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SFX, the Owner of Beatport and Tomorrowland, Will Reorganize Following Bankruptcy

The reorganization will eliminate $400 million worth of debt.
Image courtesy of TomorrowWorld's website

Judge Mary Walrath has approved reorganization plans for SFX–which includes Beatport and Tomorrowland–to eliminate $400 million of the company's debt, reports Complete Music Update.

The decision was made November 9th and the new reorganization plan outlines how the equity of assets like Beatport and Tomorrowland will be split. Although the company has sold some of its assets since the initial bankruptcy filing, they still maintain Beatport and their core festivals.

In February, SFX filed for bankruptcy protection. In March, the company announced the official cancellation of TomorrowWorld for 2016 in the U.S. "Unfortunately in the current environment, it is not possible to give you the best and unique experience you deserve," the festival said in a statement. There is no word if the festival will return in 2017.