Pemberton Music Festival Files for Bankruptcy

The Pemberton Music Festival is facing an estimated shortfall of over $10 million and have thus filed for bankruptcy. There will be no automatic refunds for customers who have already purchased tickets for the behemoth music festival.

“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.”

There was a fact sheet posted by Ernst & Young which stated that the festival had expenses of $22 million, but had only received $8.2 million in revenue so far.

One of the main contributing factors in the downfall of the festival was the weak Canadian loonie. Many of the artists that were going to be performing at Pemberton were from the United States, so they would have received payment in American Dollars. It’s important to note that the festival initially started in 2008 when the US and Canadian dollars were at par, so it was a lot more financially feasible to pay artists in US currency at the time. There has been a constant upward trajectory in the value of the American dollar since then, so in a way, expenses have been rising annually for the festival organizers.

For those who paid for their tickets using a credit card will find that their best hope for reimbursements are in contacting their bank or credit card issuer to see if they can obtain a refund. Getting money from bankrupt entities is never a walk in the park.

Ticket prices ranged from $369 to a high of $1799 for Super VIP packages. Nonetheless, this will hurt the local economy and obviously those who had purchased tickets.

Could the music festival fad be coming to a screeching halt? Please share the article!

Source: CBC News

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