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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

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