SSC Festivals bankruptcy averted

Germany’s SSC Festivals, which filed for preliminary insolvency earlier this year, has exited the bankruptcy process following a period of restructuring.

SSC Festivals GmbH, a subsidiary of Hamed Shahi-Moghanni’s SSC Group, entered preliminary bankruptcy in January, largely due to soft ticket sales for its increased-capacity 2017 New Fall Festival events. Shahi-Moghanni told IQ at the time SSC Festivals had two to three months of preliminary bankruptcy before the real, ‘final’ insolvency – but that even if the company was wound up, there was “no question” of the festival ending.

“It was such a huge story in German press,” he explained. “In the US everyone closes companies all the time, but in Germany it’s not so common – it’s a cultural thing.”

No SSC staff were let go, with only the SSC Festivals company being temporarily wound up. Germany’s Company Register shows the period of provisional insolvency as being between 23 January and 23 March.

“Now we can focus on making New Fall better”

A spokesperson for SSC tells IQ the company has now withdrawn its bankruptcy application, and that SSC Festivals will continue as a business. “The bankruptcy of SSC Festivals is now formally averted,” they explain, “by our own power and the support of friends. Now, we can focus on making New Fall better.”

New Fall Festival 2018 will take place in Dusseldorf and Stuttgart from 25 to 28 October, with a line-up announcement expected soon.

“After we had some trouble with generating revenues in the past year, it was not clear whether New Fall Festival could take place in 2018,” says the company. “But now it’s safe to say, also due to the fantastic support from our main sponsor, New Fall Festival is going to happen in 2018. Better not bigger!”

Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.