The Brillion News
In a Facebook post shortly after 3 p.m. on Monday, October 19, Country USA and Rock USA explained that COVID-19 and the cancellation of the two music festivals in Oshkosh this past summer has led them into bankruptcy.
"We expect the Chapter 7 filing to occur within several weeks and the process will then move, hopefully, quickly," the Facebook post said.
The post said the owners plan to refund ticketholders as priority claimants.
"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. 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."
The post said the bankruptcy court also makes sure there has been no mismanagement of funds.
"The [bankruptcy] trustee will also investigate the use of our funds leading up to the filing to ensure that only legitimate claims were paid and that there was no 'raid' on the checkbook by management," the post stated.
This is a developing story. An updated version is expected to appear in the Thursday, October 22, print edition of The Brillion News.