The parent company of currently-inactive Aussie music festival Stereosonic has reportedly come out of bankruptcy.
After filing for Chapter 11 under the United States Bankruptcy Code this past February, Billboard are reporting that SFX Entertainment have re-emerged under new name, LiveStyle Inc.
Former AEG Live CEO Randy Phillips, who helped the company wipe a $300 million debt, has been named president and CEO of LiveStyle.
When asked why he changed the SFX name, Phillips said, "Every time I said the name ‘SFX’ to someone, I got this negative reaction — people would make the sign of the cross".
Phillips also told Billboard he aims to change the focus of LiveStyle being an electronic music company to "a music company that specializes in electronic music".
While LiveStyle events like New York's annual Electric Zoo festival will continue to primarily feature electro acts, other festivals like Mysteryland "will be broadened, more like Coachella".
Meanwhile, the status of Stereosonic remains unknown. While this year's festival was cancelled in April, promoters said at the time it would return "bigger and better" in 2017.
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