Money Pemberton Festival Cancelled After Organizers Declare Bankruptcy

20:55  19 may  2017
20:55  19 may  2017 Source:   Huffington Post Canada

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One of Canada's largest music festivals has abruptly been cancelled after the organizers filed for bankruptcy . Click to enlarge: A screenshot of the Pemberton Music Festival 's website on Thursday shows a message informing visitors that the festival has been cancelled .

The biggest festival in British Columbia, Canada was just suddenly canceled after its organizers The Rapper, and A Tribe Called Quest, will no longer be going on as planned as organizers have declared bankruptcy . We are heartbroken to see the 2017 Pemberton Music Festival cancelled .

  Pemberton Festival Cancelled After Organizers Declare Bankruptcy © (Photo: Pemberton Music Festival/Facebook)

One of Canada's largest music festivals has abruptly been cancelled after the organizers filed for bankruptcy.

On Thursday evening, those that visited the Pemberton Music Festival's website were greeted with a notice saying that the 2017 festival was cancelled, and that Ernst & Young Inc. have been appointed trustees in the organizers' bankruptcy.

The festival's Twitter account was deleted, but confused fans flocked to the Facebook page to demand answers.

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The 2017 Pemberton Music Festival has been cancelled , and its organizers have filed for bankruptcy . May 19, 2017. MUSIC Pemberton Music Festival Cancelled ; Organizers Declare Bankruptcy .

Soon after revealing this year's lineup, the organizers of Pemberton Music Festival have been canceled the event and have declared bankruptcy .

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The festival's website notes that there will be no automatic refunds for those who purchased tickets or passes, but that credit-card holders might be able to obtain refunds from their bank or card issuer directly.

Four-day passes for the festival cost $369, while VIP tickets cost as much as $1,799.

Pemberton was scheduled to run from July 13 to 16. Performers included Chance the Rapper, Muse, A Tribe Called Quest, Major Lazer, Run The Jewels and Eagles of Death Metal.

Documents on Ernst & Young's website note the festival had earned $8,225,000 in revenue to date, but had $22 million in budgeted expenses. The festival owes US$2.5 million to creditors.

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On Thursday (May 18), organizers have announced that the festival has been canceled , leaving ticket holders in the lurch. The Seattle Times is reporting that Pemberton Music Festival LP and 1115666 B.C. LTD, collectively know as “PMF,” has filed for bankruptcy and there will be no automatic refunds

Pemberton Festival Cancelled After Organizers Declare Bankruptcy . After the shock subsides and you realize your future has been sabotaged, you will no doubt feel an anger well up inside that engulfs every fibre of your being.

An advertisement on the Pemberton Music Festival's Facebook page shows the scheduled lineup for 2017© (Photo: Pemberton Music Festival/Facebook) An advertisement on the Pemberton Music Festival's Facebook page shows the scheduled lineup for 2017

"The Pemberton Music Festival has been significantly impacted since 2015 by a weakening Canadian dollar relative to the US dollar as many of its entertainment costs are denominated in $US dollars," read a statement on the site.

Click to enlarge:

A screenshot of the Pemberton Music Festival's website on Thursday shows a message informing visitors that the festival has been cancelled.© (Photo: Pemberton Music Festival) A screenshot of the Pemberton Music Festival's website on Thursday shows a message informing visitors that the festival has been cancelled.

It also said that the festival is having difficulty sourcing talent because of "a limited number of artists touring in 2017."

Pemberton was first held in 2008, but then went on hiatus until 2014. Since then, it's been an annual festival. It drew 180,000 people to the B.C. village last year.

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Source: http://ca.pressfrom.com/news/money/-28533-pemberton-festival-cancelled-after-organizers-declare-bankruptcy/

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