Pemberton Music Festival cancelled, no automatic refunds

Pemberton Music Festival Suddenly Canceled Due to Bankruptcy

According to bankruptcy filings, the festival was likely to lose at least $14 million in 2017 due to weak ticket sales. It is likely that secured creditors will be paid first as a priority.

CBC News also reports that weakened Canadian currency has hurt the festival's bottom line, saying problems began "when the Canadian dollar was close to par with the US dollar, and with most artists being paid in USA dollars, the loonie's [Canadian dollar's] decline played a big role in the festivals' long-term viability", as well as a difficulty sourcing talent for the 2017 event due to a limited number of artists touring this year. The festival reported it had difficulty sourcing talent due to a limited number of artists touring this year. Event promoters Huka Entertainment had only sold 18,200, compared to 38,000 a year ago. It always is a concern.

The Ja Rule-headlined Fyre Festival collapsed before it even began on the Bahamanian island of Great Exuma last month, leaving would-be concertgoers staggering about on a barren site that more resembled a refugee camp than a festival ground, and is now the object of $100 million in various lawsuits. "You follow it the best you can, you try to mitigate it as best you can, but the dollar does what it wants to do and we have to live with the consequences".

"For the past four years, Huka Entertainment has worked to create a one-of-a-kind experience in the most lovely place on earth", read the statement.

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

As a contract producer, Huka did not make the decision to cancel the Festival.

Actually, this marks the second time that the Pemberton Music Festival has cancelled its show.

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

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

It says ticket holders can file a claim as an unsecured creditor, but estimates that process would take several weeks to resolve itself.

"Ultimately, once the monies are recovered to the extent possible and creditors are known, they'll be in allocation of the monies at hand to the creditors based on their amount of the claim and the total games".

The creditors will need to provide supporting documentation to prove these claims. The statement advised ticket holders to contact their banks to see if they are eligible. Rumors had been increasing in recent days as fans noticed the Pemberton social media accounts seemed to have been deactivated.

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