News December 6, 2018

Soundwave creditors paid less than 1%: “While most will recover, some have not”

Soundwave creditors paid less than 1%:  “While most will recover, some have not”

Liquidators of the Australian hard rock Soundwave festival have started to pay creditors three years after its last event.

Creditors are getting less than 1% of what they’re owed, 0.987% in fact, reported pro audio publisher CX Media.

The claimed debt was $17 million, but liquidators only took in account $10 million.

Documents obtained from the Australian Securities and Investments Commission (ASIC) from a meeting of Soundwave creditors on October 7, 2015, detailed some of the amounts owed.

At the top end were Soundgarden ($2,132,075.00), Slipknot ($1,645,299.29), Smashing Pumpkins ($1,267,446.43), Faith No More ($751,076.20), Marilyn Manson ($588,000.56), Incubus ($571, 428.58), Slash ($484,628.00) and Judas Priest ($349,560.55).

Australian bands affected included Area-7 ($7,594.20) and Ne Obliviscaris ($5,720.60).

The Australian Tax Office was up for $3 million and Live Nation Worldwide was owed $1,180,325.56.

CX Media said that debts to businesses covering the festival’s production “range from $300,000 down to $400.”

The list, it said, “covers most of Australia’s big players, more than a few of the mid-tier, right down to small specialist companies and individuals. While most will recover, some have not.”

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