[Photo via Unsplash/Luuk-Wouters]
Synergy Global Entertainment, the independent concert promotion company started by John Reese, has filed for Chapter 7 bankruptcy protection. The filing reveals the company owes $8.4 million to its creditors.
The company is behind many major music festivals such as Ozzfest Meets Knotfest and this summer’s first .
According to , lawyers for the company filed for bankruptcy protection in U.S. Bankruptcy Court in California’s Central District.
The filing states SGE owes $8.4 million to its creditors, with $1 million in assets and $54,000 in the bank.
Reese reveals he had hoped to expand in 2019 after growing by more than 30% in 2018. However, significant loss from the Disrupt Festival, which for undisclosed reasons at the time, and the