Glimstedt Wraps Hultsfred

The official receiver handling the bankruptcy of Hultsfred Festival says it will be the end of August before he has a clearer idea of what the Swedish festival owes its creditors and the value of its assets.

Bengt Stridh from Swedish commercial law firm Glimstedt told Pollstar he believes it will take that long to sort out the finances of Hultsfredfestivalen AB and the three associated companies that have also filed for bankruptcy.

Hultsfred Festival filed for bankruptcy two days before what would have been its 25th anniversary July 7-9, having sold 5,000 three-day tickets when it needed to sell 13,000 to break even.

The lineup would have included Scissor Sisters, Deftones, 30 Seconds To Mars, The Ting Tings, Killswitch Engage and top Swedish acts including The Hives, Kent and The Ark.

The other companies to go down with it were The Association Rockparty, Rockmetropol I Hultsfred AB, and Music Link Hultsfred AB.
The festival’s demise has sparked something of a media debate in the Swedish papers.

Most appear puzzled how Hultsfred could attract so few while Peace And Love Festival – which happened a week earlier in Borlänge – did close to 40,000 per day.

In previous years when the festival didn’t do well, the Swedish papers have questioned whether Hultsfred was paying too much for its acts.