IFest organizer to file for bankruptcy

The 44th annual International Festival celebrates music, dance and cultures from around the world. This year's theme is Australia and is located in downtown Houston around Houston City Hall, 901 Bagby. L-R ID: Allyson Howard, 17; Juno Rettenmier, 17; and Makena Barron, 17 rest after hiking around the festival. less The 44th annual International Festival celebrates music, dance and cultures from around the world. This year's theme is Australia and is located in downtown Houston around Houston City Hall, 901 Bagby. L-R ID: ... more Photo: Craig Hartley, For The Chronicle Photo: Craig Hartley, For The Chronicle Image 1 of / 33 Caption Close IFest organizer to file for bankruptcy 1 / 33 Back to Gallery

The Houston Foundation Festival, organizer of the city's International Festival, will file for bankruptcy this week.

"Over the past few years, the Foundation has sold all of its assets to pay its bills and has no assets left at this time," read a statement from the board of directors. "The hope had been that this year's festival would have provided some profit to begin to pay off some debt but that did not happen."

The festival foundation, which has organized iFest for 44 years, had said it needed strong attendance at this year's celebration to start moving the nonprofit out of crippling debt. Last summer, the group reported in federal disclosure forms that it was at least $725,000 in debt, but had said it was committed to saving the four-day spring celebration of the city's diversity.

In the statement Tuesday, the group attributed its financial troubles to an increase in the number of similar events sponsored in the city and failures to find investors or partners that could help the nonprofit move forward in the black.

This year's festival, over the last weekend in April and first weekend in May, saluted Australia.