The Pemberton Music Festival has been cancelled.

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Organizers of one of the province’s largest music festivals filed for bankruptcy on Thursday (May 18), with accounting firm Ernst & Young named as the festival’s trustee.

The firm says there will be no automatic refunds for ticket holders, although ticket holders may file a proof of claim as an unsecured creditor with Ernst & Young. The firm also says refunds may be available for ticket holders from third parties if tickets were purchased using a credit card, though each bank and credit card issuer have their own set of policies.

According to documents from Ernst & Young, “decreased ticket sales and increased operating losses," in addition to a weakening Canadian dollar, forced festival organizers to cancel the event.

“In addition, there was no certainty of cash available to fund the forecast cash shortfall for the current year, which amount could exceed $10 million," the documents state.

The same documents show the festival has brought in just over $8.2 million in revenue despite $22 million in budgeted expenses. They also report the festival owes its creditors approximately $2.5 million U.S., or over $3.4 million CAD.

This year’s festival, set to be its fourth installment, was scheduled to take place in Pemberton July 13 to 16. Tickets were still available for purchase on the festival’s website as of 3:30 p.m. on Thursday.

Huka Entertainment, which produces the festival, released a statement around 4 p.m. It read, "For the past four years Huka Entertainment has worked to create a one-of-a-kind experience in the most beautiful place on earth. We are heartbroken to see the 2017 Pemberton Music Festival cancelled. As a contract producer, Huka did not make the decision to cancel the festival. That decision was made by the Pemberton Music Festival, LP. We are extremely disappointed for our fans, artists and all of our partners who have supported the festival over the years."

The festival's lineup, released last month after several lengthy delays, was to feature headlining artists like Chance the Rapper, Muse, A Tribe Called Quest, MGMT, Major Lazer and Haim, among dozens of others.