Pemberton Music Festival cancelled

20 May, 2017, 06:52 | Author: Valerie Burke
  • Pemberton Music Festival cancelled

Organizers of the Pemberton Music Festival pulled the plug on the July 13 - 16 event by declaring bankruptcy, citing a $10 million cash shortfall.

According to documents from Ernst & Young, "decreased ticket sales and increased operating losses", in addition to a weakening Canadian dollar, forced festival organizers to cancel the event.

"When you spend a week's pay on Pemberton tickets and now that it's cancelled they say you can't get your money back", tweeted one man, Pete, with a cartoon of a person laying in a puddle of their own tears.

It all depends on what kind of insurance policies are offered by banks issuing the cards used to buy them.

The Toronto based festival began two years ago, and has steadily drawn a summer music crowd with incredible headliners. Their duties as directors ceased once the trustee in bankruptcy was assigned.

For the past four years Huka Entertainment has worked to create a one-of-a-kind experience in the most attractive place on earth.

As of 4 p.m., there are no announcements on the Pemberton Music Festival website about ticket cancellations.

Girling is also listed as a director of Janspec Holdings Limited, one of the secured creditors that would received its claims, if proved, before unsecured creditors such as the ticket holders. LTD, collectively know as "PMF", has filed for bankruptcy and there will be no automatic refunds for ticket holders, who may have to wait weeks to learn whether they will get their money back.

A bankruptcy trustee is advising anyone with tickets for Pemberton Music Festival to prepare for the worst.

The festival owes US$2.5 million to creditors. It urged customers to seek reimbursement through their credit card providers.

That's according to reports from Global and CKNW Thursday afternoon, that say Ernst & Young has been appointed as trustees in what appears to be a bankruptcy claim.

The notice on the event's website warns there would be no automatic refunds.

In the current overstuffed and saturated music-festival environment, not everything is going to make it.

This year's four-day event was slated to feature Muse, A Tribe Called Quest and Chance the Rapper. In fact, the festival has deleted their Twitter account.

In an interview with Pique on May 1, Huka Entertainment chairman and chief experience officer A.J. Niland spoke of the financial risks associated with the festival.

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