The bankrupt businesses behind the cancelled Pemberton Music Festival may owe ticket holders and other creditors more than $16.7 million, according to documents obtained by Postmedia.

And among the first creditors that will be paid out include a company connected to one of the directors of the companies that has filed for bankruptcy.

Pemberton Music Festival Limited Partnership, which along with 1115666 B.C. Ltd filed for bankruptcy Thursday afternoon, has $6.6 million in assets but owes creditors $10.1 million, according to a statement of affairs provided by the Office of the Superintendent of Bankruptcy Canada.

Cecelia Marwick from Seattle is attending her first Canadian music festival at the 2016 Pemberton Music Festival.

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Cecelia Marwick from Seattle is attending her first Canadian music festival at the 2016 Pemberton Music Festival.

The debtors’ liabilities total $16.74 million, including more than $8.2 million owed to 2017 ticket holders, according to the 11-page document.

Among 120 unsecured creditors listed, the Canada Revenue Agency is owed close to $1.7 million, the Society of Composers, Authors and Music Publishers of Canada is owed $373,016 and caterer Truffle Fine Foods is owed $139,522.

The creditors will …read more

Source:: Vancouver Sun – Entertainment

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