Many of us are still rocking the tans we got at Peats Ridge Festival 2012/2013 and already looking forward to the next one, but we might need to pump the brakes on those plans. TheMusic.com.au have released details sent through to those owed money by organisers, revealing a massive $1.2 million debt spread across more than 23 creditors, TheMusic.com.au being one of them.
A notice sent through by liquidators Jirsch Sutherland has listed companies from all spheres of the industry, including the events booking agent Elastic Entertainment, several touring agencies, and a serious percentage of the bands who performed, including The Falls, Unknown Mortal Orchestra, Fanny Lumsden & the Thrillseekers, Cass Eager & The Velvet Rope and Lolo Lavina.
The notice also stated that the festival only had $140,000 to its name on the books, and that the liquidation firm would be seeking $80,000 of that for its services. That leaves just $60,000 to be spread between all creditors.
Festival organiser Matt Grant has commented that they are currently looking for a new investor to help with the costs but it will need to happen fast. According to Jirsch Sutherland, it is not yet know how much ticketing revenue is still to be counted.
John Butler’s Butler Brown Touring Co: $95,579
Sorted Events: $283,726
Elastic Entertainment $49,477
The Black Seeds: $11,500
Billions Australia: $45,650
Chugg Entertainment: $6,985
The Harbour Agency: $16,195
Select Music: $6,780
Modular Agency: $11,000
Foreign Dub: $12,100
Niche Productions: $10,000
Australian Mobile Staging: $15,296
JR Richards & Sons: $38,460
Premier Motor Services: $20,748
Rock Posters Sydney: $6,600
Sydney Posters: $16,792
TFH Temporary Fence Hire: $20,465