Former AEG Live CEO Randy Phillips has replaced Robert Sillerman as chief executive.
This includes the streaming service, mobile app, Beatport News, video livestreaming platform, and their events section.
The decision allows the troubled EDM giant to pay artists.
The figures were revealed in the bankruptcy announcement of the digital retailer's parent company.
"In light of the present situation, no concrete plans have yet been made for TomorrowWorld 2016."
The dance music events company will be taken private and gain a new CEO in the process.
The company behind the gamechanging financing was Catalyst Capital Group.