The 2017 Pemberton Music Festival scheduled for July 13 - 16, 2017 is cancelled and will not proceed as scheduled.
The 2017 Pemberton Music Festival planned for mid-July was canceled on Thursday, potentially leaving ticket holders and local firms high and dry.
A notice of bankruptcy was posted to the festival's website on Thursday.
Ticketholders may file a proof of claim form with Ernst & Young, which is the festival's trustee in bankruptcy.
"They should be making a claim in respect of the credit card company's insurance, so that they can try to recover their ticket proceeds through that claims process itself". Tickets are also still available for purchase.
However, refunds may be available to ticket holders from third parties if tickets were purchased using a credit card.
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.
According to Vancouver radio station CKNW, Pemberton Music Festival cite "decreased ticket sales and increased operation losses" for the bankruptcy.More news: LaVar Ball Says Son Lonzo Will Only Work Out For Lakers
A bankruptcy trustee is advising anyone with tickets for Pemberton Music Festival to prepare for the worst.
"The Pemberton Music Festival has been significantly impacted since 2015 by a weakening Canadian dollar relative to the United States dollar as many of its entertainment costs are denominated in $US dollars", read a statement on the site.
PMF now joins the Squamish Music Festival, which was cancelled past year.
Last summer, it was revealed a group of security guards were still owed money for working at the festival the year before.
The 2017 Pemberton Music Festival has been cancelled. But as rumors of cancellation circulated, ticketholders tried to contact the festival on social media and found their twitter and instagram accounts deleted.
"For the past four years Huka Entertainment has worked to create a one-of-a-kind experience in the most lovely place on earth". "That decision was made by the Pemberton Music Festival, LP".
"As a contract producer, Huka did not make the decision to cancel the Festival. We are extremely disappointed for our fans, artists and all of our partners who have the supported the festival over the years".
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, Little Uzi Vert, Future Islands, Lil Yachty, The Avalanches, Joey Bada$$, Thundercat, Noname, Hamilton Leithauser and more.