Pemberton Music Festival Files for Bankruptcy, Is Abruptly Canceled

Article by: Laura Mason|@masonlazarus

Fri May 19, 2017 | 10:30 AM

Update: CBC News reports that British Columbia's Pemberton Music Festival is filing for bankruptcy due to a possible $10 million cash shortfall.

Until late Thursday afternoon, the festival's website was still selling tickets. However, it now displays a single page with the cancellation announcement and confirmation of the bankruptcy filing, as well as a reiteration that there will be no automatic refunds given at this time.

It reads: "As PMF is now in bankruptcy, it has no ability to provide refunds for tickets purchased. However, ticket holders may file a proof of claim form as an unsecured creditor with [Ernst & Young] in accordance with the claims process."

The website urges ticket holders who used a credit card for their purchase to contact their bank or credit card issuer to see if they can obtain a refund.

A fact sheet posted by Ernst & Young said the festival had budgeted expenses of $22 million, and so far had received $8.2 million in revenue.

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 U.S. dollar, and with most artists being paid in U.S. 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.

Pemberton's Mayor Mike Richman was given no warning that Pemberton was in danger of filing for bankruptcy, and views this as a blow to the local community; a $3 surcharge on each ticket went to local governments.

Pemberton Music Festival 2016 Courtesy Of    18 Of 35

Original story below: 

Pemberton Music Festival , one of the biggest music festivals in British Columbia, was abruptly canceled today, because its owners are filing for bankruptcy. Adding salt to the wound is news that no refunds will be given.

Its high profile lineups are a welcome summertime adventure for many in the region and across North America. Its 2017 lineup, which was released barely two weeks ago, included Muse, Chance The Rapper, A Tribe Called Quest, and other music superstars

Pemberton was set to go down July 16-19., 2017. Its website says that all but their regular admission passes ($369) are sold out.

We'll report more details when we hear them.