Heatwave Festival declaredinsolvent

Tue 31st Jan, 2012 in Local News

Update:
Heatwave festival promoter Patrick Whyntie has described recent reports on the festival as “brutally misleading and incorrect” and issued the media with this follow up statement:

“It’s not bankrupt it’s insolvent. A majority of suppliers have been paid. Artists have all be paid in FULL. The company is in voluntary administration and the administrators will deal with the remaining suppliers with funds from the Festival. We have taken this step to ensure correct procedure is followed. I am not the type of promoter who switches his phone off and buries his head in the sand. I have already covered an interview on many of the faults and am standing strong here to see this out. Your whole attitude is relishing the negatives, I will keep positive regardless and learn and grow.”

However now it seems that he may not have a chance to resurrect the festival. Music Feeds claims that “a source” has forwarded them a copy of an email from Heatwave to their creditors which reveals that the festival has been declared insolvent and is now in the hands of liquidators.

According to the email there are “a number of factors which contributed to this but the bottom line is that we did not have the break-even crowd in SA.” The three day camping event in South Australia had been expected to attract 5000 punters, but fell well short with Whyntie admitting in his interview with Mess+Noise that the actual attendance was closer to 2000.

The insolvency announcement goes on to explain that the interstate festival tour, which reportedly received almost $2 million from “outside investors”, failed to “generate sufficient income to cover the debts incurred in SA” and as a result the festival is unable to honour its financial commitments.

Late yesterday afternoon Heatwave announced on Facebook that “We learnt a lot and strongly believe that an affordable festival is what this industry needs, we’re not sure on the future moves just yet but either way big effen props for your support for Heatwave!”