Follow The Step initiates restructuring proceedings

Polish promoter Follow The Step has initiated restructuring proceedings after its flagship festival, Fest Festival, filed for bankruptcy last month.

Restructuring is usually the first stage in the process of agreeing a way forward with creditors in order to manage repayment of the debt, without the client becoming insolvent.

“This procedure is aimed at obtaining approval of the arrangement that will enable us to settle our liabilities,” reads a statement from the Warsaw-based company.

“We would also like to inform you that Follow The Step is temporarily suspending its participation in the organisation of all upcoming events.”

The statement goes on to say the company has made “intensive efforts to re-organise upcoming events so that you will still have the opportunity to participate”.

Concerts with Louis Tomlinson, Gorgon City, I AM Hardstyle, Boris Brejcha, Dimension, Chase & Status, Sub Focus, T78 and Illenium have been passed over to other promoters.

“We will provide detailed information about the fate of individual events as soon as possible on Facebook pages dedicated to these events and in direct e-mails sent to ticket buyers,” it continues.

“Follow The Step is temporarily suspending its participation in the organisation of all upcoming events”

Fest Festival, one of the fastest-growing music festivals in eastern Europe, filed for bankruptcy after selling only 50% of its tickets for the 2023 edition.

The fourth edition of the Follow The Step-promoted event was due to take place between 9–13 August at Silesia Park in Chorzów, near Katowice, with acts including The Chemical Brothers, Peggy Gou and Kasabian.

The festival was faced with a number of financial challenges in its four-year existence due to the Covid-19 pandemic and Russia’s invasion in neighbouring Ukraine.

Its cancellation came two months after the Polish promoter cancelled the second edition of its Warsaw festival, On Air.

Follow The Step was launched in 2015 by Maciej Korczak and Marcin Szymanowski. The agency owns two music venues (Smolna and Praga Centrum) and seven festivals (World Wide Warsaw, Made in WWA, Summer Contrast, FEST Festival, On Air Festival, and Undercity) and organises over 100 international headline shows per year.

IQ has reached out to Follow The Step for comment.

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.