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Jun 06, 2017

Fans learn music festival's organisers filed business bankruptcy

The Pemberton Music Festival is regarded as one of the largest of its kind in Canada. Many fans across Canada, including those in Ontario who planned to attend the 2017 festival later this year were shocked by the announcement that the organisers filed for business bankruptcy.
After the deletion of the company's Twitter account, fans consulted the Facebook page to seek answers. Those who consulted Pemberton's website came across the notice of cancellation of this year's festival.

Information on the website of the bankruptcy trustee indicates that the revenue earnings of the festival to date were $8,225,000. However, its budgeted expenses totaled $22 million and its debt owed to creditors amounts to $2.5 million in U.S. funds. This year's festival was scheduled for July 13 to July 16.

Reportedly, the attendance number for the 2016 festival was 180,000. However, the company apparently claims the drop of the Canadian dollar's value against the U.S. dollar since 2015 has had an adverse impact on the its finances. Apparently, a significant percentage of the festival's expenses must be paid in U.S. dollars.

Some fans had already purchased tickets to attend this year's festival -- four-day passes at $369 and VIP tickets at $1,799. However, according to the festival's website, there will not be automatic refunds. However, those who paid by credit card might get refunds through their bank or the entity that issued the credit card. Any Ontario business that experiences severe financial difficulties has the option of relying upon the support and guidance of an experienced business bankruptcy lawyer.