Photo Credit: Alison Krauss by Raph_PH / CC by 2.0
Independent promoter Jade Presents has filed for bankruptcy weeks after announcing it was shutting down after more than 30 years in business.
Fargo-based indie promoter Jade Presents has filed for Chapter 11 bankruptcy protection in the weeks after announcing it was shutting down after more than 30 years in business. The company filed a voluntary petition dated June 6 in the U.S. Bankruptcy Court for the District of North Dakota. According to court documents, the company lists nearly $2.9 million in total liabilities against approximately $393,000 in assets.
Tickets300, a ticketing company affiliated with Jade Presents, also filed for Chapter 11 on the same day under a separate case number. However, both cases are being heard together, with a court order expediting a hearing on first-day motions for last Friday, June 12, at the Quentin N. Burdick U.S. Courthouse in Fargo.
Jade Presents listed over 100 creditors in its filing, with the largest coming from Horizon Investment to the tune of $475,000 in an unsecured loan. Bravera Bank and Midwest Bank are each owed around $250,000 through separate lines of credit, while Midwest Bank holds an additional $100,000 unsecured loan.
Meanwhile, the U.S. Small Business Administration holds a $150,000 secured claim, while David Bernstein of Sioux City, IA, is listed at $175,000. Merchant cash advance companies Holly Funding and Rocket Capital NY are listed at $143,017 and $113,050, respectively.
Other claims include $40,297 to American Express, $30,450 to Fargo accounting firm Eide Bailly, and nearly $50,000 in music licensing to ASCAP and BMI. The filing also includes over $68,000 in unpaid wages owed to employees, including $39,672 to just one staff member.
According to the filing, at least 5,000 members of the public hold tickets to events that are now cancelled or whose fate is uncertain. The company states intent to file motions addressing how the affected consumers will be notified and how claims can be submitted.
Active artist performance contracts for several upcoming shows were impacted by the bankruptcy, including Alison Krauss & Union Station, which was scheduled for June 16 at the Bluestem Amphitheater in Moorhead, MN. Other performers impacted include comedians John Mulaney and Mike Birbiglia, both listed for August 23 at Bluestem Center for the Arts. Approximately 30 events in total have been impacted by the closure.
Scheels Arena was quick to step in for Alison Krauss, who performed there instead on June 16. But the fate of the remaining shows remains up in the air.
“We know it’s a very unique situation, so if we’re in a position where we can have the show move to Scheels Arena, we’re happy to do it and want the fans to still be able to get that experience, of course,” said Jayda Bennett, Scheels Arena event manager.
Jade Presents announced its closure on May 28, citing a combination of rising costs, post-COVID challenges, and financial pressure on independent promoters.
