The move sees $300 million in debt wiped from the beleaguered dance music company's balance sheet.

SFX Entertainment filed for chapter 11 bankruptcy on Monday, February 1st.The decision, which was first considered back in January, will see $300 million in debt wiped from SFX's accounts as the company goes private. A new CEO will be brought in to replace Robert F.X. Sillerman, the company's founder, CEO and chairman. The deal, described byas a debt-for-equity swap with bondholders, has been structured to allow SFX to continue trading as normal.Upon filing for bankruptcy, SFX says it aims to "complete its restructuring and exit chapter 11 within six months." SFX's assets include Beatport, React Presents, Made Event and i-Motion. The move comes after several failed attempts by Sillerman to take the company private. The most recent effort, at $3.25 a share, was scrapped in November 2015.Beatport released a statement about the bankruptcy of its parent company. "For all of us here at Beatport, it's just business as usual," the statement reads. "That means entire Beatport platform is fully operational without restriction. The store remains open. The streaming service continues uninterrupted. New releases are being added every day. New videos are being scheduled and filmed. Payments to labels and suppliers are ongoing in their usual manner. We look forward to SFX successfully navigating this reorganization, and in the meantime will continue focusing on building the best music experience for the fans, artists and DJs that make up the electronic music community."