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Business News Deals Digital
MusicToday finds a buyer to take it out of bankruptcy
By Chris Cooke | Published on Monday 21 November 2016
Direct-to-fan company MusicToday has found a buyer. One of its parent company’s moneylenders, Hillair Capital Investments, will acquire the business.
An early player in the online artist store domain, MusicToday was originally launched by artist manager Coran Capshaw, before becoming a Live Nation business in 2006. Delivery Agent acquired the company from the live music giant two years ago, but then applied for chapter eleven bankruptcy in September.
According to IQ, some other Delivery Agent creditors were initially critical of Hillair’s proposed bid for the company – which wipes clean nearly $20 million in debt – but with no other bidder coming forward an agreement was reached last week.
As it went into bankruptcy, Delivery Agent chief Mike Fitzsimmons said he hoped the process would enable his firm “to reorganise its business affairs and establish a necessary foundation for future growth and profitability”.
