LAGUNA HILLS, CA (CelebrityAccess) — Synergy Global Entertainment, a concert and festival promoter founded by John Reese behind such events as the Lost Lands festival, Rockstar Energy Disrupt, and Ozzfest Meets Knotfest, has filed for Chapter 7 bankruptcy protection.
Legal filings with the U.S. Bankruptcy Court in California’s Central District reveal that the company owes creditors $8.4 million, with $1 million in assets and $54,000 in cash.
The only secured creditor listed in the filing is Sumerian Records Ash Avildsen, who loaned Reese $1 million in June during a cash crunch, Billboard reported.
Reese told Billboard that Reese’s bid to expand SGE in 2019 ran into headwinds when the 25-date Disrupt Festival Tour failed to land with fans, as well as the cancellation of several major events, including the Mad Decent Block Party at Foxborough’s Gilette Stadium.
Disrupt, produced in partnership with Live Nation, was billed as a two-stage rock roadshow headlined by The Used, Thrice, Sum 41, with a rotating selection of artists that included Circa Survive, The Story So Far, Atreyu, Sleeping With Sirens, Andy Black, and Trophy Eyes.
Mad Decent Block Party
Reese told Billboard that he was hit by a “perfect storm” of market conditions and saw a “massive drop” in ticket sales in 2019.
“After having [a] creative impact in over 45 Festival Brands and Tours in the company’s history, we most appreciate the years of partnerships with fans, artists, brands and vendors,” Reese said in a statement provided to Billboard.