Another Festival Bites the Dust as Pemberton Files for Bankruptcy
One of British Columbia’s biggest music festival has come to an end.
Debuted in 2008, Pemberton Festival is known for its beautiful scenery with high profile line-ups which has previously included acts such as Muse, Chance the Rapper, Major Lazer, Logic, Marshmello, Alesso, Zeds Dead and more.
On May 18, Pemberton announced that not only that the festival will be canceled, there will be no refunds for ticket holders because the company has filed bankruptcy. According to their website, ticket holders may file a proof claim through the company’s trustee, Ernst and Young.
Documents obtained by Global News also shows that the festival has been struggling the for the past few years. Shareholders and investors have been covering losses for the last three years and last summer a group of security guards was still owed money. This year, the festival have decreased the ticket sales while the operating losses are increasing, thus unable meeting the financial obligations. The festival had budgeted expenses of $22 million but so far only received $8.2 million in revenue.
However, Huka Entertainment (promoter and planner of the festival) released a statement:
“As a contract producer, Huka did not make the decision to cancel the festival. That decision was made by the Pemberton Music Festival, LP. We are extremely disappointed for our fans, artists and all of our partners who have supported the festival over the years.”
H/T: Global News
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