John Reese’s Synergy Global Entertainment is in serious trouble.
Early reports suggest the festival promoter is awash in $8.4 million worth of debt. Lawyers for the festival promoter have filed for Chapter 7 bankruptcy protection in California’s Central District bankruptcy court.
According to the filing, SGE owes nearly $9 million to creditors with only $1 million in assets. SGE only has $54,000 in liquid cash. The paperwork also reveals that SGE brought in nearly $17 million in gross revenue for the last eight months.
Reese was hoping to expand his sponsor-driven festival model in 2019. The company grew by more than 30% in 2018 with over $20 million in gross sales from its various festivals.
The most significant loss for SGE this