Fyre Fest Forced Into Bankruptcy

The Fyre Festival was originally billed as an exclusive music festival in paradise, but as we all know, this past spring fans were left disappointed and stranded after spending thousands on what was SUPPOSED to be a VIP experience. Not only have numerous festival-goers filed lawsuits, but the company’s investors were able to get a judge to force Fyre Fest’s founder, Billy McFarland, and his LLC into Chapter 7 Bankruptcy.

 

Investors claimed they put in over $500,000 for the event, and were told they would see repayment by May – but have yet to see a dime of their money recouped. They filed a bankruptcy request back in July, which was approved by a US Bankruptcy judge on August 29th.

 

McFarland now has has two weeks to “file all schedules, statements, lists and other documents that are required under the Federal and Local Rules of Bankruptcy Procedure, including a list of of all creditors and the money they are owed.”

 

In case you missed it, last month McFarland was also arrested and charged with wire fraud.