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Hultsfred festival to file for bankruptcy

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Hultsfred festival to file for bankruptcy
08:06 CEST+02:00
The iconic Swedish music festival Hultsfred has cancelled this year's 25th anniversary event and plans to file for bankruptcy after only 5,000 tickets were sold two weeks prior to opening.

"Up until the end of last week we thought we would break even," said Håkan Durmér at Hultsfred festival.

The majority of tickets for the festival are normally sold in the final two weeks before opening but when the expected increase in demand did not arrive in the beginning of the week the organisers decided to cancel this year's festival.

"It was a decision which had to be taken. A board which had not acted in this situation would have rendered themselves guilty of a crime."

Hultsfedsfestivalen AB, the firm which arranges the festival, will file for bankruptcy as soon as possible.

It remains uncertain whether those who have already bought tickets for the event will receive their money back. This situation will not become clear before a receiver is appointed to review the operations.

Last year's festival attracted 23,000 visitors but the fluctuating US$ exchange rate impacted finances when the artists were to be paid. This year the festival arrangers had reviewed the finances to ensure that break even would be reached at an earlier stage.

The longer term future of the festival now hangs in the balance.

"I dare not say anything at the moment," Durmér said.

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