Ticket Reseller’s Loan Swoons After UK Touts Plan to Cap Prices
Lawmakers in California and New York have introduced bills this year pushing for tighter rules around ticket sales.
Photographer: Bruce Bennett/Getty ImagesThe UK government’s plan to ban reselling tickets above face value is likely music to the ears of concert-goers and a slam dunk for sports fans. For investors in Vivid Seats Inc. — a marketplace for online scalpers — it’s the latest reason to sell off its debt.
Prices on the company’s $390 million term loan due in 2029 were quoted at around 54 cents on the dollar on Tuesday, according to data compiled by Bloomberg, after sliding 14 cents so far in November. It’s the most recent blow to the platform, whose stock has already plunged 92% this year as its earnings results have disappointed analysts.