ATP - insolvent?

They say further details are on the way and there is nothing to worry about. Thoughts?

bloody mount buller.

interesting, always must walk a very fine line i would think

Insolvency is not always the end of the world but it is never nothing to worry about.

Thoughts?

I think Tony Abbott has big ears.

John Safran is laughing in the dark.

I thought this was generally a sold out event. Except for Buller of course.

People are going spare on their Facebook page. Don't think I'll be holding out for another Mt Buller.

Not looking too good.. They really did take a massive blow around Buller.

Also, now trading under this name?

Can't be bothered reading it but if they're in admin the show will go on. If they're in liquidation it's all over baby.

So is there something out there from the principals that is, you know, responding to this?

To address the rumours some of you may have seen; there are some changes currently happening with the company, but none of the currently scheduled events or future events will be affected

via FB

All Tomorrow's Parties: To reaffirm, there's nothing to panic or worry about, all future shows are definitely going ahead, more info to follow.

They have said there will be a full statement tomorrow (later today aest).

Here is the statement... Nothing that hasn't been mentioned above.

We have now completed a restructuring of the business of ATP Concerts Limited. This involved the Voluntary Liquidation of ATP Concerts Limited and transfer of its assets (including the rights to the All Tomorrow's Parties festival, label, and shows) to a new company called Willwal Limited. We will also be dividing the business into three different companies; ATP Festivals, ATP Recordings and ATP Shows.

The team however, remain the same, having been transferred over to Willwal Limited - and the festival is still called All Tomorrow's Parties. All future events will continue as scheduled on the dates advertised and all tickets for those events are still valid.

ATP remains unwaveringly committed to hosting world class events. Since our inception it has been our mission to provide quality concerts for discerning music lovers around the world - our number one priority has always been the bands and the fans and we work hard, sometimes under difficult circumstances, to achieve the highest standards possible. It is a tough climate out there, but this restructuring will ensure that ATP is around for many more years to come. We thank the fans who have stood by us over the years and especially during this recent time of reorganisation.

Other news we are announcing today is that the U.S. event on September 21 - 23 is to be moved from Asbury Park, New Jersey to Manhattan, New York. This is due to logistical reasons and a full press release regarding the move will be posted here.

Anyone unable to attend due to this change will be able to request a full refund.

We have many exciting developments and opportunities available to us that will be announced over the coming months. We will be continuing the work we have done over the past 13 years and would like to thank everyone for their kind support over the past week - we apologise that this statement has taken longer than anticipated to be released (due to needing certain legal clearances) - we thank you again for your patience and apologise for any unnecessary worry caused.

*On Monday we will announce the first bands for this December's Nightmare Before Christmas festival curated by Shellac.

Yours sincerely,

Barry Hogan
ATP

Statement Regarding the Recent Restructure of ATP

Alex Marshall of The Stool Pigeon goes over the books

Investigation: ATP

Liquidated in June with debts of £2.6m, reborn in July. What's going on with the festival promoter?
Tuesday 14 August 2012

...There is also nothing illegal about the directors of a failed firm setting up a new company, or in them buying the old firm’s brand names and reusing them. (Hogan and Higgins are the directors of Willwal and purchased all ATP brand names off the liquidators for £70,000 following an independent valuation.) But it doesn’t happen often to prominent promotion companies like ATP, and it definitely doesn’t happen with such dramatic levels of debt.

ATP Concerts owed over £2.6m at the time it went into liquidation. Included in the list of debts from £90 upwards owed to 63 companies were the following:
£876,716 to ticketing company Gigantic (for loans)
£749,355 to another ticketing company, See Tickets (also for loans)
£352,000 to Butlins, whose Minehead site hosted many ATP festivals in recent years
£36,000 to the organisers of Primavera Sound in Spain/Portugal, where ATP hosts a stage
£30,000 to the band Portishead who had headlined two ATP-promoted ‘I’ll Be Your Mirror’ shows in 2011
£11,000 to The Union Chapel venue in Islington, which is run by a charity
Money was even owed to a harp rental firm and a piano tuner (although he says he was subsequently paid). Their unpaid tax bill is £26,080...

...The majority of creditors seemingly have no ill-will towards Hogan or Higgins; they just see the debts as part of the vagaries of the concert business and expect Willwal to make good on the promises it’s made to pay the debts back. Some told us they’d ask Willwal to pay for any services up front in future, and they expected other creditors to do the same, but that will be the extent of it.

Paying back the £2.6M? the melbourne event would have generated around half a million pounds in ticket sales in the last couple of days. But then they have to pay MBV etc

pure speculation and without doing any research at all... is Gigantic ticketing an in-house ticketing company for ATP? Fits the bill as it's also named after a classic song...

ATP on fbook -

''To answer those asking, my bloody valentine will not be playing any Melbourne sideshows separate from I'll Be Your Mirror.''

There's clearly an enormous amount of goodwill towards these guys or they would be out of business.

That said, it did take some pretty bad burnings of acts to put Pav out of the touring biz back in the day.

The commercial dance festivals (ie. Supersonic, Future) attract many thousands of dumb materialistic 18 year old kids. That's attractive to the big corporate sponsors. Those festivals are basically ads for mobile phone companies and vodka brands.

ATP has a smaller, educated audience who want quality. That's tougher for attracting sponsorship. They need sponsors suited to that niche.

I thought it was common practice for touring companies/ festivals to 'pheonix'. Why are ATP getting attention for this when it seems to be an industry accepted thing (from what I hear...)?

Let's give them some ideas:

1. Beard shampoo purveyors
2. Manufacturers of baby-size Kyuss T shirts
3. Vinyl recyclers

Yes, a beard shampoo company would love ATP
Or a real estate agency specialising in Northside share houses