VANCOUVER -- The Pemberton Music Festival in British Columbia has filed for bankruptcy and this year's event has been cancelled.

Those who have already bought tickets to the event that was scheduled to start July 13 may also be out of luck when it comes to getting a quick refund.

A statement posted on the festival website says because the partnership that organizes the festival is in bankruptcy, it has no ability to provide refunds.

It says ticket holders can file a claim as an unsecured creditor, but estimates that process would take several weeks to resolve itself.

Financial services firm Ernst & Young Inc. was appointed as a trustee to oversee the process. A statement on its website said ticket sales did not meet expectations this year and a weak Canadian dollar caused troubles for the festival as many of its entertainment costs had to be paid in American dollars.

The statement also noted the festival had trouble attracting talent for this year's festival because of a limited number of artists who were touring in 2017.

Tens of thousands of people took in last year's event. The festival was first held in 2008, but took a five year hiatus between 2009 and 2013. The event suffered significant losses in each of the previous three years </s> The 2017 Pemberton Festival has been cancelled after the organizers filed for bankruptcy.

Chart-topping artists Chance the Rapper, Muse and A Tribe Called Quest were all slated to headline the four-day festival in July.

At the 2016 Pemberton Festival, a police investigation was launched after a stabbing at a camping area.

This festival cancellation comes one year after the Squamish Music Festival was cancelled.

As of Thursday afternoon the website still listed tickets for sale.

More to come. Follow @CTVVancouver for the latest. </s> This year’s Pemberton Music Festival has been cancelled due to bankruptcy.

The festival website was online and selling tickets until yesterday afternoon, but now displays one page which says the festival partnership has filed for bankruptcy, with Ernst & Young as trustees.

This year’s festival was scheduled for Thursday July 13 through Sunday July 16, with Chance The Rapper and Muse as headliners. According to Ernst & Young, revenue so far was $8.2 million, against budgeted expenses of $22 million.

Festival producers Huka Entertainment say that the decision to cancel was made not by them but by the Pemberton Music Festival LP. “We are extremely disappointed for our fans, artists and all of our partners who have supported the festival over the years,” Huka’s statement reads.

The PMF was born in 2008 under the Live Nation umbrella, but that company decided not to make it a yearly event. Huka revived it three years ago, and managed to attract high profile headliners like Snoop Dogg, Outkast, Kendrick Lamar and Pearl Jam.

The PMF ostensibly joins the Squamish Valley Music Festival as a victim of the sagging Canadian dollar. When the festivals began, the loonie was neck and neck with the US dollar; in subsequent years, its decline began to take its toll, as most of the artists were being paid in US currency. Says Ernst & Young, “In addition, the Pemberton Music Festival experienced increasing difficulty in sourcing talent for the 2017 festival due to a limited number of artists touring in 2017.”

Love, Dr. Scott James

 

 Subscribe to Scott’s Now posts via RSS

 

 Report A Typo </s> Weeks after revealing its 2017 lineup, the Pemberton Music Festival has been canceled and its organizers have filed for bankruptcy.

A notice of bankruptcy was posted to the festival’s website on Thursday. Adding insult to injury, ticket holders will not receive automatic refunds. Instead, they must file a claim through Ernst & Young, which is the festival’s trustee in bankruptcy. And even then, there’s no guarantee of a refund. “A determination of recovery, if any, on the claims of ticket holders from the estate will not be known for several weeks,” the notice reads.

The festival was to take place July 13th-16th in Pemberton, British Columbia with a lineup featuring the likes of Chance the Rapper, Muse, A Tribe Called Quest, HAIM, MGMT, and more.

This marks the second time in Pemberton’s brief five-year history in which the festival has been canceled. Following its debut in 2008, Live Nation pulled the plug on the event the following year due to a land dispute with the local government. HUKU Entertainment revived the brand in 2014 and held two further installments in 2015 and 2016.

All is not lost, however. Canada’s WayHome Festival is offering free passes to Pemberton ticket holders. Click here for more details. </s> One of Canada's largest music festivals has abruptly been cancelled after the organizers filed for bankruptcy.

On Thursday evening, those that visited the Pemberton Music Festival's website were greeted with a notice saying that the 2017 festival was cancelled, and that Ernst & Young Inc. have been appointed trustees in the organizers' bankruptcy.

The festival's Twitter account was deleted, but confused fans flocked to the Facebook page to demand answers.



 An advertisement on the Pemberton Music Festival's Facebook page shows the scheduled lineup for 2017 (Photo: Pemberton Music Festival/Facebook)

The festival's website notes that there will be no automatic refunds for those who purchased tickets or passes, but that credit-card holders might be able to obtain refunds from their bank or card issuer directly. Four-day passes for the festival cost $369, while VIP tickets cost as much as $1,799.

Pemberton was scheduled to run from July 13 to 16. Performers included Chance the Rapper, Muse, A Tribe Called Quest, Major Lazer, Run The Jewels and Eagles of Death Metal.

Documents on Ernst & Young's website note the festival had earned $8,225,000 in revenue to date, but had $22 million in budgeted expenses. The festival owes US$2.5 million to creditors.

Click to enlarge: 

 

 A screenshot of the Pemberton Music Festival's website on Thursday shows a message informing visitors that the festival has been cancelled. (Photo: Pemberton Music Festival)

"The Pemberton Music Festival has been significantly impacted since 2015 by a weakening Canadian dollar relative to the US dollar as many of its entertainment costs are denominated in $US dollars," read a statement on the site.

It also said that the festival is having difficulty sourcing talent because of "a limited number of artists touring in 2017."

Pemberton was first held in 2008, but then went on hiatus until 2014. Since then, it's been an annual festival. It drew 180,000 people to the B.C. village last year. </s> One of the biggest music festivals in B.C. has been cancelled.

Global News has learned that the organizers of the Pemberton Music Festival have filed for bankruptcy.

Documents obtained by Global News show there will be no automatic refunds for tickets as “the festival is now in bankruptcy and has no ability to provide refunds for tickets purchased.”

However, ticketholders may file a proof of claim form as an unsecured creditor with Ernst & Young, which is the festival’s trustee in bankruptcy. However, determining if a refund is applicable will not be known for several weeks.

Refunds may be available to ticketholders from third parties if tickets were purchased using a credit card.

As each bank and credit card issuer has its own specific policies, ticketholders can contact their bank or credit card issuer directly to determine whether a refund can be obtained.

Documents also show the festival owes US$2.5 million to its creditors. Festival directors determined they were unable to meet the festival’s financial obligations as a result of decreased ticket sales and increased operating losses.

WATCH: Pemberton Music Festival: Boom or bust for the local economy

Organizers say they have collected $8,225,000 in ticket revenue so far this year. The budgeted expenses stand at $22,000,000.

They say the festival has been significantly impacted since 2015 by a weakening Canadian dollar relative to the US dollar.

Shareholders and investors funded several million dollars to cover the festival’s cash losses over the last three years.

Last summer, it was revealed a group of security guards were still owed money for working at the festival the year before.

Currently, the festival’s website says all but their $369 regular tickets are sold out.

The summer camping music festival was supposed to take place July 13-16.

This year’s lineup included such high-profile performers as Muse, Chance the Rapper, A Tribe Called Quest and dozens of other acts.

The Pemberton Music Festival was first held as a three-day event in 2008.

It was not held for five years between 2009 and 2013, resuming in 2014 under different ownership. </s> The biggest music festival in B.C. has been cancelled.

Global News has learned that the organizers of the Pemberton Music Festival have filed for bankruptcy.

Breaking: 2017 Pemberton Music Festival canceled. Ernst & Young appointed trustee in bankruptcy. Details to follow. @GlobalBC @CKNW — Jill Bennett (@jillreports) May 18, 2017

Documents obtained by Global News show there will be no automatic refunds for tickets as “the festival is now in bankruptcy and has no ability to provide refunds for tickets purchased.”

READ MORE: What to do if you have a ticket to the 2017 Pemberton Music Festival

Ticketholders may file a proof of claim form with Ernst & Young, which is the festival’s trustee in bankruptcy. However, determining if a refund is applicable will not be known for several weeks.

Refunds may be available to ticketholders from third parties if tickets were purchased using a credit card.

Documents say poss refunds for holders of 2017 #PembyFest tickets if tickets purchased with credit card. Festival cancelled. @GlobalBC — Jill Bennett (@jillreports) May 18, 2017

As each bank and credit card issuer has its own specific policies, ticketholders can contact their bank or credit card issuer directly to determine whether a refund can be obtained.

READ MORE: What to do if you have a ticket to the 2017 Pemberton Music Festival

Documents also show the festival owes US $2.5 million to its creditors. Festival directors determined they were unable to meet the festival’s financial obligations as a result of decreased ticket sales and increased operating losses.

WATCH: 2017 Pemberton Festival goes bankrupt. Jill Bennett broke the story and has the details.

Organizers say they have collected $8,225,000 in ticket revenue so far this year. The budgeted expenses stand at $22,000,000.

READ MORE: Some ticket holders are out more than $1,000

They say the festival has been significantly impacted since 2015 by a weakening Canadian dollar relative to the US dollar.

READ MORE: Security guards from 2015 Pemberton Music Festival owed thousands

Shareholders and investors funded several million dollars to cover the festival’s cash losses over the last three years.

Last summer, it was revealed a group of security guards were still owed money for working at the festival the year before.

In the minutes before today’s announcement, the festival’s website said all but the $369 regular tickets were sold out. Both the website and the festival’s Twitter account have now been scrapped.

WATCH: Why are so many music festivals failing?

Huka Entertainment, the promoter and planner for the cancelled festival, said in a statement:

“For the past four years, Huka Entertainment has worked to create a one-of-a-kind experience in the most beautiful place on earth. We are heartbroken to see the 2017 Pemberton Music Festival cancelled. As a contract producer, Huka did not make the decision to cancel the festival. That decision was made by the Pemberton Music Festival, LP. We are extremely disappointed for our fans, artists and all of our partners who have supported the festival over the years.”

The summer camping music festival was supposed to take place July 13-16.

This year’s lineup included such high-profile performers as Muse, Chance the Rapper, A Tribe Called Quest and dozens of other acts.

The Pemberton Music Festival was first held as a three-day event in 2008.

It was not held for five years between 2009 and 2013, resuming in 2014 under different ownership. </s> Facing a possible cash shortfall of over $10 million, B.C.'s Pemberton Music Festival (PMF) has been cancelled due to bankruptcy.

The festival's website, which had been online and selling tickets until 4 p.m. PT on Wednesday, now consists of a single page, confirming the partnership organizing the concert has filed for bankruptcy, with Ernst & Young appointed as trustees.

"Unfortunately there are no automatic refunds from PMF," it read.

"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."

Ticket holders who used a credit card for their purchase are advised by the website to contact their bank or credit card issuer to see if they can obtain a refund.

The festival was scheduled to take place from July 13 to 16. Organizers announced Chance the Rapper and Muse as this year's headliners three weeks ago.

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.
• First day of Pemberton Music Festival brings heavy traffic and security concerns

​In a notice on its website, Huka Entertainment, which produced the festival, said it was "heartbroken" to make the announcement.

"As a contract producer, Huka did not make the decision to cancel the festival. That decision was made by the Pemberton Music Festival, LP. We are extremely disappointed for our fans, artists and all of our partners who have supported the festival over the years," it says.

The Pemberton Music Festival originally began in 2008 under the management of Live Nation, but the company opted for it not to become an annual event.

Huka announced its revival for 2014, and headliners since have included Pearl Jam, Snoop Dogg, Kendrick Lamar and Outkast.

The Squamish Valley Music Festival, another weekend-long concert just north of Vancouver, was cancelled in 2016 after a six-year run.

Both the Pemberton and Squamish festivals 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 decline played a big role in the festivals' long-term viability.

"In addition, the Pemberton Music Festival experienced increasing difficulty in sourcing talent for the 2017 festival due to a limited number of artists touring in 2017," says a fact sheet posted by Ernst & Young.

The loss of the festival will come as a blow to the economy of Pemberton, a small city 150 kilometres north of Vancouver. A $3 surcharge on each ticket went to local governments.

"That was so beneficial to the community. Now obviously we've lost that. That's hard to make up any other way," said Russell Mack, local director for the Squamish-Lillooet regional district.

Pemberton Mayor Mike Richman said the city had been given no warning that bankruptcy was imminent, and presumed the festival was going ahead after the lineup was revealed.

But Mack said the community knew the festival's long-term future was precarious.

"They've lost of a lot of money in the last three years, and you can only do that for so long," he said.

"It just seems that festivals aren't the easiest thing to make a profit at."
• Will the Music Festival become Canada's ? </s> VANCOUVER - The 2017 Pemberton Music Festival has been cancelled.

The festival is now in bankruptcy and Ernst & Young Ltd. has been appointed as trustee, according to a media release on the festival's website posted Thursday afternoon. The document says there will be no automatic refunds for ticket holders, who may have to wait weeks to learn whether they'll get their money back.

"As PMF is now in bankruptcy, it has no ability to provide refunds for tickets purchased," the document says. "However ticketholders may file a proof of claim form as an unsecured creditor with EYI in accordance with the claims process."

Some ticket holders may also be able to get refunds from third parties if their tickets were purchased using a credit card, and should contact their bank or credit card issuer regarding a refund, the document says.

An announcement about the popular four-day music event's cancellation was expected Thursday afternoon, according to several sources involved in its production who spoke off the record with Postmedia.

Slated to run July 13 to 16, it would have been Pemberton's fourth year, featuring headliners Chance the Rapper, Muse and A Tribe Called Quest as well as Major Lazer, Haim, Run The Jewels and dozens more acts.

Last year, the festival drew a record 180,000 fans over four days to Pemberton Village, north of Whistler. The event has brought major international acts such as Pearl Jam, Snoop Dogg, The Black Keys, Nine Inch Nails, Frank Ocean and Soundgarden.

The cancellation comes after lineup announcements were delayed several times in recent weeks.

On Tuesday, a post to the festival's official Facebook page indicated the event was still on: "It's just not the same here without you guys. Can't wait for you to come back home in less than 8 weeks!! #PembyIsMagic"

Wednesday afternoon, a festival goer commenting on the Facebook page was told that wristbands will be shipped out two to four weeks before the event.

And as of Thursday morning, four-day, general-admission tickets were still selling for $369 while VIP tickets – which included special entrances, viewing and parking – cost $899 and Super VIP tickets cost $1799.

But six sources involved in the event's production told Postmedia they'd heard firms were being contacted Thursday morning regarding the cancellation.

The event is produced and promoted by Huka in collaboration with the Village of Pemberton, Sunstone Group, Lil'wat Nation and Squamish-Lillooet Regional District.

Representatives for Huka and Sunstone were unreachable for comment.

Last year, the Squamish Festival was cancelled. Founded in 2010, it brought major acts to the Squamish Valley including Drake, Weezer, Metric, Bad Religion, The Tragically Hip, Eminem and Bruno Mars.
The 2017 season of the Pemberton Music Festival, a prominent music festival scheduled to occur July 13–16 in the Canadian city of Pemberton, British Columbia, is cancelled following declaration of bankruptcy by the organizers.