Organizers for Napa's BottleRock festival file for bankruptcy

February 7, 2014 6:45:49 PM PST
The people who put on the BottleRock music festival in Napa last year have filed for bankruptcy.

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.