Despite still selling tickets through Thursday afternoon (May 18), organizers for the Canadian fest confirmed tonight they have filed for bankruptcy. Rumors had been increasing in recent days as fans noticed the Pemberton social media accounts seemed to have been deactivated.
The festival website now redirects to a notice of bankruptcy, informing attendees the event, originally scheduled for July 13-16 in Pemberton, B.C., has been canceled. Interestingly, it also notes, "As PMF is now in bankruptcy, it has no ability to provide refunds for tickets purchased."
Ticketholders can submit a proof of claim for newly appointed trustee Ernst & Young Inc. to approve, but the status of the claim may not be known for several weeks. "The trustee will provide an update to creditors in due course," the notice says.
This year's lineup was set to include Chance the Rapper, Muse, A Tribe Called Quest, Run The Jewels, Diplo, Major Lazer, HAIM, Tegan & Sara, Migos, Lil Uzi Vert, Future Islands, Lil Yachty, The Avalanches, Joey Bada$$, Thundercat, Noname, Hamilton Leithauser and more.
Canadian radio station 980 CKNWR cited documents obtained from Ernst & Young as claiming the financial troubles were as a result of "decreased ticket sales and increased operating losses," pointing to $22 million in budgeted expenses compared to $8.2 million in revenue.
Those same documents also noted 2017 ticket sales were averaging 18,000 attendees per day, compared to last year's 38,000 daily.