A recent Companies House filing reveals that festival package company Festicket owed £22,560,175 ($25,333,835) to creditors before entering administration. The discovery and booking platform was bound to pay seven-figure unsecured debts to live entertainment companies.
UK-based creditors include festival logistics company Slammin’ Events (£1,346,679) and music events enterprise Event Horizon (£2,290,244).
On a global scale, Festicket’s financial struggles took a toll on European music festivals and event-organizing companies.
LA-based AEG Presents was left £1,506,352 out of pocket, while Spain’s Mad Cool festival was owed £1,516,613. According to the filing, Australian grounds have also been affected, as Festco was owed £2,359,827.
US-based ticket service Lyte confirmed it annexed some Festicket assets in September, saying it will work to reconcile affected promoter clients.
The whole Festicket saga kicked off in August when Festicket filed for a moratorium in a bid to find a solution for the collapsing business.