One of the U.S. summer season's most anticipated festivals, Georgia's TomorrowWorld , now has a future that hangs in the balance. 

As many heard this morning, TomorrowWorld's parent company SFX Entertainment officially filed for bankruptcy, after many troubled months of financial instability, an abandoned takeover bid, and plummeting stocks value.

SFX, which is also responsible for the production of some of the world's biggest and opulent dance music festivals, including Tomorrowland, Electric Zoo, Stereosonic , and Mysteryland , will eliminate over $300 million in debt, go private, and get a new chief executive, Robert F.X. Sillerman, who founded the company in 2012 – according to the New York Times.

At first, Sillerman's early public statements said that the company's many festivals would go on as planned. However, according to Dancing Astronaut, Debby Wilmensen, a spokesperson for Tomorrowland, has hinted that its sister festival TomorrowWorld may not return. She told Georgia Unfiltered today, "In light of the present situation, no concrete plans have yet been made for TomorrowWorld 2016." 

Wilmensen went on to say "Since 2013 we have collaborated with SFX for the foreign editions of Tomorrowland held in the USA and Brazil. However, we have noticed that our vision and goals, including a long-term strategy, are different from those of the publicly listed company.”

However, Wilmensen has said that Tomorrowland Brazil will not be affected.

"Tomorrowland Brazil is being organized in close consultation with [Tomorrowland's] Belgian team by a motivated Brazilian team that is able to work independently of SFX in North America for all aspects of the event.”

On the heels of many announcements of festival hiatuses (Wakarusa, Gathering of the Vibes , etc.), as well as SFX's long-reported instability, this doesn't come as a heck of a surprise. After TomorrowWorld 2015's disastrous final day due to inclement weather and scattered response by festival organizers, we expected it might need some time to rethink 2016's iteration. If this rumored hiatus becomes a reality – and if SFX regains its influential presence in the dance festival community – TomorrowWorld can come back even stronger in 2017.