Emerald Holding, Inc. announced that it had received $149.25 million from its insurance litigation settlement for canceled events under its 2020 and 2021 event cancellation insurance policies.
Of the $149.25 million, $148.54 million is expected to be recognized as Other Income, net for the third quarter of 2022.
Emerald has submitted insurance claims under its 2020 and 2021 event cancellation insurance policies of approximately $348.4 million, representing the net amount of expected gross revenues less avoided costs for canceled events scheduled during 2020 and 2021. Including the $149.25 million litigation settlement payment Emerald has received, total proceeds under the 2020 and 2021 event cancellation insurance policies amount to $372.9 million.
Hervé Sedky, Emerald CEO, commented, “We are pleased to have received the final proceeds relating to the settlement of our insurance litigation. The incremental cash not only helps further improve our already strong liquidity position but also allows us to focus all of our attention on building our business moving forward.”
Emerald hosts over 140 yearly venues across multiple industries. The active outdoor spaces include Outdoor Retailer, Surf Expo, The Sports Licensing & Tailgate Show, Impressions, Swim Collective, and Active Collective.
