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 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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