DÜSSELDORF, Germany (CelebrityAccess) — Germany festival producer SSC Festival has emerged from bankruptcy proceedings after successfully restructuring.
According to a report in IQ Magazine, potential insolvency for the company was averted through with the “power and support of friends” including their main sponsorship partner for its events.
“After we had some trouble with generating revenues in the past year, it was not clear whether New Fall Festival could take place in 2018,” a spokesperson for the company told IQ. “But now it’s safe to say, also due to the fantastic support from our main sponsor, New Fall Festival is going to happen in 2018. Better, not bigger.”
SSC Festivals had voluntarily filed for preliminary insolvency in January and had been facing potential liquidation within two or three months, SSC Festival’s Shahi-Moghanni told the publication at the time.
“It was such a huge story in the German press,” he told IQ. “In the US everyone closes companies all the time, but in Germany, it’s not so common – it’s a cultural thing.”
However, things appear to be back on track now, and the company is preparing to announce the lineup for their New Fall Festival, which is set for Dusseldorf and Stuttgart in October.
New Fall is sponsored by sipgate, a VOIP/mobile telephony company.