Organizers for Napa's BottleRock festival file for bankruptcy

NAPA, Calif.

According to court documents, the festival's organizers admit they booked too many high-priced acts and most of them required payment up front.

The festival was also overstaffed, and a dispute with a food vendor left it unable to pay workers and other vendors.

Despite $11 million in ticket sales, they still owe $4.5 million and only have assets of $600,000.

A new group of producers has taken over and is planning a second festival at the end of May.

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