EX-99.1 2 a16-4722_1ex99d1.htm EX-99.1

Exhibit 99.1

 

SFX Entertainment, Inc. et al

6 Month Cash Flow Budget

 

 

 

Month 1

 

Month 2

 

Month 3

 

Month 4

 

Month 5

 

Month 6

 

 

 

 

 

Forecast

 

Forecast

 

Forecast

 

Forecast

 

Forecast

 

Forecast

 

Forecast

 

Week Ending

 

Feb

 

Mar

 

Apr

 

May

 

Jun

 

Jul

 

Total

 

USD $’000s

 

2016

 

2016

 

2016

 

2016

 

2016

 

2016

 

6 Months

 

CASH FLOW FROM OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Receipts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America Live

 

$

5,098

 

$

9,228

 

$

6,301

 

$

10,292

 

$

25,295

 

$

10,706

 

$

66,920

 

Platform

 

3,192

 

3,990

 

3,192

 

3,573

 

4,944

 

3,039

 

21,931

 

Brand Partnership

 

—

 

—

 

—

 

—

 

4,000

 

—

 

4,000

 

Insurance Proceeds

 

—

 

1,567

 

—

 

283

 

—

 

—

 

1,850

 

Total Operating Receipts

 

$

8,290

 

$

14,785

 

$

9,494

 

$

14,149

 

$

34,239

 

$

13,745

 

$

94,701

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Company Disbursements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

North America Live

 

(9,188

)

(11,748

)

(10,547

)

(11,992

)

(18,353

)

(12,048

)

(73,876

)

Platform

 

(1,981

)

(2,114

)

(8,498

)

(2,407

)

(2,067

)

(9,417

)

(26,484

)

Brand Partnership

 

(221

)

(221

)

(221

)

(221

)

(221

)

(221

)

(1,328

)

Insurance Payments

 

—

 

(1,074

)

—

 

(619

)

(1,569

)

(495

)

(3,757

)

Capex

 

(366

)

(165

)

(111

)

(499

)

(404

)

(441

)

(1,987

)

Total Operating Company Disbursements

 

(11,757

)

(15,322

)

(19,377

)

(15,739

)

(22,615

)

(22,623

)

(107,433

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate & Other Disbursements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Overhead

 

(1,074

)

(1,595

)

(1,074

)

(1,279

)

(1,236

)

(1,165

)

(7,423

)

Corporate Obligations

 

—

 

—

 

(750

)

—

 

—

 

—

 

(750

)

Intercompany Funding (International)

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Total Corporate & Other

 

(1,074

)

(1,595

)

(1,824

)

(1,279

)

(1,236

)

(1,165

)

(8,173

)

Total Operating Disbursements

 

$

(12,832

)

$

(16,918

)

$

(21,201

)

$

(17,018

)

$

(23,851

)

$

(23,787

)

$

(115,607

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET CASH FLOW FROM OPERATIONS

 

$

(4,542

)

$

(2,133

)

$

(11,708

)

$

(2,869

)

$

10,388

 

$

(10,043

)

$

(20,906

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOW FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Repayment

 

(54,790

)

—

 

—

 

—

 

—

 

—

 

(54,790

)

Cash Interest

 

(600

)

(602

)

—

 

(622

)

(306

)

(306

)

(2,436

)

NET CASH FLOW FROM FINANCING ACTIVITIES

 

$

(55,390

)

$

(602

)

$

—

 

$

(622

)

$

(306

)

$

(306

)

$

(57,226

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOW FROM RESTRUCTURING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Fees

 

(4,160

)

(3,844

)

(1,271

)

(3,117

)

(2,374

)

(6,180

)

(20,945

)

Interim Claims Distributions

 

(5,232

)

(5,032

)

—

 

—

 

—

 

—

 

(10,264

)

Other Restructuring

 

(739

)

(500

)

—

 

—

 

—

 

(6,256

)

(7,495

)

NET CASH FLOW FROM RESTRUCTURING ACTIVITIE

 

$

(10,131

)

$

(9,376

)

$

(1,271

)

$

(3,117

)

$

(2,374

)

$

(12,436

)

$

(38,704

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domestic Net Cash Flow Before DIP Financing

 

$

(70,062

)

$

(12,111

)

$

(12,978

)

$

(6,608

)

$

7,708

 

$

(22,785

)

$

(116,836

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH BALANCES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning Domestic Cash Balance (Book)

 

$

2,500

 

$

10,438

 

$

23,327

 

$

10,349

 

$

10,741

 

$

18,450

 

$

2,500

 

Net Cash Flow

 

(70,062

)

(12,111

)

(12,978

)

(6,608

)

7,708

 

(22,785

)

(116,836

)

DIP Account Draw

 

78,000

 

25,000

 

—

 

7,000

 

—

 

5,000

 

115,000

 

Ending Domestic Cash Balance (Book)

 

$

10,438

 

$

23,327

 

$

10,349

 

$

10,741

 

$

18,450

 

$

664

 

$

664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DIP BALANCE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Drawn on DIP Balance

 

78,000

 

103,000

 

103,000

 

110,000

 

110,000

 

115,000

 

115,000

 

Cumulative PIK Interest

 

3,150

 

4,043

 

4,043

 

5,361

 

6,046

 

6,737

 

6,737

 

Undrawn Committed Funds

 

37,000

 

12,000

 

12,000

 

5,000

 

5,000

 

—

 

—

 

Total DIP & PIK Interest

 

$

81,150

 

$

107,043

 

$

107,043

 

$

115,361

 

$

116,046

 

$

121,737

 

$

121,737

 

 

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