DÜSSELDORF, Germany (CelebrityAccess) — German festival producer SSC Festival GmbH, a subsidiary of the SSC Group which produces the New Fall Festivals in Düsseldorf and Stuttgart, has filed paperwork for preliminary bankruptcy protection with the District Court of Düsseldorf.
News of the company’s financial difficulties was confirmed by SSC Group Managing Director Hamed Shahi-Moghanni in an interview the German music publication MusikWoche.
Mr. Shahi-Moghanni emphasized to MusikWoche that only the two festivals would be affected and noted that none of the other affiliated SSC companies would be protected.
“Everything goes on, and the provisional bankruptcy will not jeopardize the continuation of festivals in the coming years,” Shahi-Moghanni told MusikWoche.
As well, employees at SSC Festival GmbH will not face layoffs and the employees were shuffled into other, unaffected divisions of the company, Shahi-Moghanni added.
Shahi-Moghanni told MusikWoche that the company’s financial trouble was compounded by the performance of the Düsseldorf and Stuttgart festivals in 2017, but said they were engaged in productive talks with creditors.
“My goal is to announce the line-up for the next New Fall Festival in March,” he said.
Düsseldorf attorney Andreas Grund has been appointed as the provisional insolvency administrator, according to the initial insolvency filing with German insolvency register.