"The Pemberton Music Festival has been significantly impacted since 2015 by a weakening Canadian dollar relative to the U.S. dollar as many of its entertainment costs are denominated in $US dollars", read a statement on the site. The Pemberton Festival has been coming to British Columbia every year since 2014, and this year's edition was set to go down in July, with Chance The Rapper, a Tribe Called Quest, and Muse as headliners. It may take several weeks before it is known whether Huka Entertainment will have the assets to issue refunds to customers.
The creditors will need to provide supporting documentation to prove these claims.
Last year, the Squamish Festival was cancelled.
"It's saddening to hear of the struggles Pemberton Music Festival organizers are dealing with, and therefore want to help by honouring all purchased ticket holders with a free pass to WayHome this summer".
The document says the festival "incurred significant losses in each of the previous three years" and the 2017 festival had earned $8.225 million in revenue by May 18 while budgeted expenses had hit $22 million.
Jay-Z performs at the inaugural Pemberton Festival in 2008.
Festival organizers claim they are not able to cover those costs.More news: Ronald Koeman still waiting for update on Ross Barkley's Everton future
Visitors to the festival's website were greeted by a bankruptcy notice advising that the July 13-16 event had been canceled and that refunds were now unavailable.
"Unfortunately there are no automatic refunds from PMF".
"We are extremely disappointed for our fans, artists, and all of our partners who have supported the festival over the years", said Huka Entertainment.
With both of those festivals gone, the benefits they brought along are gone as well. Ticketholders who paid by credit card may have more luck requesting a chargeback. Ticketholders must file a claim through Ernst & Young with no guarantee of a refund.
The Senior Vice President for Ernest & Young says he knew the festival would be filing for bankruptcy earlier this week, but tickets were for sale on the festival's website until Thursday afternoon.
Refunds may also be available to ticketholders if tickets were purchased using a credit card, and ticketholders can contact their bank or credit card issuer directly to determine if a refund is possible.