Company founder Robert F.X. Sillerman has also been ousted as CEO.

EDM megacorp SFX Entertainment has filed for chapter 11 bankruptcy after a protracted period of financial woes, The Wall Street Journal reports.

The deal, struck today (February 1), will see the company go private and wipe $300 million of debt from its books. The “debt-for-equity swap” will provide $115 million in financing to allow the company to operate as normal during bankruptcy proceedings.

While the company will continue to operate, SFX founder Robert F.X. Sillerman will be replaced by a new CEO and chairman. The company’s value plummeted after Sillerman unsuccessfully tried to buy the company back from its shareholders last year.

SFX Entertainment, which owns digital music store Beatport and festival including Electric Zoo and Tomorrowland has struggled since floating on the stock market in 2013.

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