OSHKOSH (NBC 26) -- Organizers of Country USA and Rock USA music festivals announced Monday they are filing for bankruptcy.
Organizers say the move is to ensure that ticketholders for the events will be refunded their money.
"Although it may not be apparent, getting money back into your pockets has been, and is still our number one priority. We have worked with our legal counsel to choose the best method by which to refund the remaining assets/cash to ticketholders and believe that the best and most cost efficient way to do this is through a Bankruptcy proceeding," organizers said in a statement on Facebook.
"We have been informed the Bankruptcy Code provides a priority to 'deposit' or 'prepaid' claimants, aka you, the ticketholders. This process will allow the assets turned over to a bankruptcy trustee to primarily fund your priority claims, prior to any general claims being paid, and will likely result in a significant dividend to be paid to ticketholders."
Organizers go on to say they've asked their counsel to provide a letter or email and a bankruptcy claim form to all ticket claimants with instructions on how to fill the claim out and where to send it.
"We are hopeful that the Bankruptcy trustee, who will be appointed upon the filing, will act quickly to liquidate assets and pay claims. We have taken pains to individually list the ticketholders," the statement on Facebook reads.
Country USA and Rock USA, two major music festivals held annually in Oshkosh, were canceled earlier this year due to coronavirus concerns.