Peats Ridge In $1.2 Million Hole

The embattled Peats Ridge Festival owes over $1.29 million to creditors after the company was put into liquidation earlier this month.

The list of creditors has been released by liquidators Jirsch Sutherland with companies and individuals all across the music industry affected.

Headline act John Butler's Butler Brown Touring Co is owed $95,579, while bar providers Sorted Events are the biggest creditors with $283,726 owed. The festival's booker Damien Cunningham is owed $49,477 through his company Elastic Entertainment.

Artists such as The Falls, Cass Eager & The Velvet Rope, Fanny Lumsden & The Thrillseekers, Lolo Lavina and Unknown Mortal Orchestra (through agency Artist Voice) are listed – The Black Seeds are owed $11,500 – but many more are owed money through touring companies or agencies.

Billions Australia will be looking to recoup $45,650, Chugg Entertainment $6,985, The Harbour Agency $16,195, Select Music $6,780, Modular Agency $11,000, Foreign Dub $12,100, Niche Productions $10,000 and Fuzzy Touring $5,500.

APRA are listed for $14,850 while other notable inclusions are Australian Mobile Staging $15,296, ISEC $15,249, JR Richards & Sons $38,460, Oztix $10,982, Premier Motor Services $20,748, Rock Posters Sydney $6,600, Sydney Posters $16,792, TFH Temporary Fence Hire $20,465 and Splashdown $28,837.

The theMusic.com.au's publishers are owed $4,315.

The festival's only listed asset is $140,000 in cash and debtors are currently listed as unknown. The liquidators are expected to charge $80,000 for their services.

Today the liquidators told theMusic.com.au they at this point that have not been able to ascertain what ticket revenue is still to be realised.

Last week festival promoter Matt Grant told theMusic.com.au he was still hopeful of finding an investor to rescue the situation, but without further debtors it is unlikely the company will attract a buyer.

Grant could not be contacted for comment this afternoon.