SFX Entertainment, which hoped to ride the boom of electronic dance music to become a music industry giant, filed Monday for bankruptcy protection as it sought a fresh start. The company founded by music mogul Robert Sillerman announced a deal that would eliminate more than $300 million in debt. Subject to court approval, SFX Entertainment will receive up to $115 million from a group of bondholders to maintain normal operations.

Source: Yahoo Music
Link: Promoter that hoped to ride dance music wave goes bankrupt