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The company MF Live Inc., which was responsible for organizing the Roxodus Music Fest, filed for bankruptcy on Friday.

According to a statement of affairs, signed by MF Live’s Principal Fab Loranger, the company owes over $18 million to almost 200 creditors, including over $11 million to Taurus Site Services and $5 million to Eventbrite.

“We understand that the event did not generate sufficient ticket sales to cover the expected costs, leaving MF Live Inc. insolvent,” a document by Grant Thornton Limited, the licensed insolvency trustee of MF Live’s estate, reads. “We also understand that earlier wet weather posed certain challenges in preparing the site for the event and prevented MF Live Inc. from being able to host a safe event.”

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On the Roxodus website, it says “rainy weather” is to blame for the cancellation of the festival that was supposed to take place from July 11 to 14.

“During the past couple of months, our venue at Edenvale Airport has battled tremendous rainy weather that has impacted our ability to produce the festival,” the website reads. “Our team has worked tirelessly to find a solution in which the show can go on but unfortunately, we could not make it happen this year.”

The company’s assets total to $154,075 and will go toward the secured creditor Taurus Site Services, according to the statement of affairs.

After MF Live’s assets are paid out, it will still owe $18,127,799.70.

“Our dream of producing a ‘once in a lifetime experience’ has been put on hold as we take the much-needed time to nurture our venue into a premier landmark in Ontario,” the Roxodus website continues.

READ MORE: Roxodus organizers play blame game over concert cancellation

The festival was supposed to feature artists like Aerosmith, Kid Rock, Nickelback, Billy Idol and Blondie.

According to the Grant Thornton document, people who purchased a Roxodus ticket through Eventbrite may be entitled to a refund by the Eventbrite-funded Fan Relief Program.

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“If you purchased a Roxodus Music Fest ticket elsewhere, you may be entitled to a refund from the ticket seller or from your credit card company if you used your credit card,” the document reads. “If you have been told that you are not entitled to a refund, then you may make a claim as a creditor of MF Live Inc.”

According to Grant Thornton’s website, the notice of bankruptcy and materials relating to the bankruptcy proceedings were mailed to all known creditors of MF Live on Monday.

The first meeting of the creditors is scheduled to take place on July 30 at 10 a.m. at the Grant Thornton offices in Toronto.

WATCH: Frustration builds over cancellation of Ontario Roxodus music festival

2:00 Frustration builds over cancellation of Ontario Roxodus music festival Frustration builds over cancellation of Ontario Roxodus music festival