Organizers for Canceled Canadian Music Festival Roxodus File for Bankruptcy
The organizers in the back of the canceled Canadian Roxodus Festival have filed for financial ruin with almost $14 million (USD) owed to creditors. According to liquidator Grant Thornton Limited, the competition that was all of the sudden nixed days before it becomes set to begin owes around two hundred lenders, with the biggest debts owed to contractors Taurus Site Services and ticketer Eventbrite.
“Our dream of manufacturing an ‘as soon as in a life-time experience’ has been put on maintain as we take the lot-wished time to nurture our venue right into a most appropriate landmark in Ontario,” Roxodus producer MF Live stated in a declaration on July three. “We actually thank all of the artists, sponsors, partners, and friends who have supported us from the very beginning. The embrace from our community has meant the sector to us and we are hoping to sooner or later see our dream come to lifestyles.”
MF Live owes Eventbrite almost $4 million and Taurus more or less $eight.5 million for a develop on price tag sales for the four-day festival that became slated to take the region from July 11-14 at Edenvale Aerodome in Ontario. MF Live canceled the rock competition on July three and filed for bankruptcy on July 12.
“We understand that the event did no longer generate sufficient price tag income to cowl the anticipated charges, leaving MF Live Inc. Bankrupt,” said an open letter with the aid of Grant Thornton to creditors. “We additionally understand that earlier moist climate posed certain challenges in preparing the website for the event and prevented MF Live Inc. From being capable of host a secure event.”
According to bankruptcy filings, MF Live has much less than $120,000 USD in cash with a long listing of food carriers, consultants and extra in search of compensation for their participation in the event that became scheduled to look performances from Nickelback, Lynyrd Skynyrd, Kid Rock, Aerosmith, Alice Cooper, Billy Idol and Blondie.
Days after MF Live canceled the festival, Eventbrite introduced on July 6 that they might be offering refunds for price tag holders who purchased passes thru the ticketer.
“After more than one attempts to talk and comfy price range lower back from the Roxodus organizers, they have got furnished no indication that they may refund ticket holders,” Eventbrite stated in an assertion.
“We consider attendees need to get their money back now, so we’ve installation an Eventbrite-funded Fan Relief Program to make all Roxodus ticket holders complete even as we keep to aggressively pursue the go back of budget from the festival’s creators. We are shifting funds to price ticket holders right now and they can anticipate peering it reflected on their credit score card or financial institution declaration inside seven business days.”
Fans who did no longer buy tickets through Eventbrite can report as a creditor with trustee Grant Thornton. The first meeting of creditors is scheduled for July 30 at 10 am ET at the Grant Thornton offices in Toronto.
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