Roxodus promoter MF Live files for bankruptcy
MF Live, the company behind cancelled Canadian rock festival Roxodus, has filed for bankruptcy.
The company, whose “sole purpose was to organise the Roxodus Music Fest”, owes over CA$18 million (US$13.8m) to around 200 creditors, including $5m ($3.8m) to ticketing provider Eventbrite and $11.1m ($8.5m) to contractors Taurus Site Services. MF Live’s assets equate to $154,000 ($118,000) in cash.
According to liquidator Grant Thornton Limited, “the event did not generate sufficient ticket sales to cover the expected costs, leaving MF Live Inc. insolvent.”
“We also understand that earlier wet weather posed certain challenges in preparing the site for the event and prevented MF Live Inc. from being able to host a safe event,” reads the document.
“The event did not generate sufficient ticket sales to cover the expected costs, leaving MF Live insolvent”
A statement on the festival’s website blames “rainy weather” for the cancellation of the festival, which was to feature performances from Nickelback, Blondie, Aerosmith and Kid Rock.
Last week, Eventbrite announced it would provide all ticketholders with a refund, while continuing “to aggressively pursue the return of funds from the festival’s creators.”
At the same time, MF Live co-founder Mike Dunphy denied all responsibility for issuing refunds. Dunphy also refuted rumours that he had “stolen monies”.
Dunphy and fellow MF Live founder Fab Loranger parted ways ten days before the festival’s cancellation and are no longer on speaking terms, according to an interview with CTV News.
The first meeting of the creditors is scheduled to take place at 10 a.m. on 30 July at the Grant Thornton offices in Toronto.
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