Hasselt – The commercial court has approved the reorganization plan of the company behind the W-festival, Wave to Synth. Therefore, the festival can take place as planned this summer on the beach of Ostend.
Wave to Synth was in a legal organization procedure and had been granted a suspension of payment until March 20 to present a reorganization plan. The company has an outstanding debt of more than 2.8 million euros, partly due to the COVID-19 crisis and the bankruptcy of a British ticket company.
There were more than 200 creditors, including sound and catering companies, artists, and event agencies. The biggest creditor was the Flemish government. During the COVID-19 period, the Vlaio agency lent nearly 841,000 euros to Wave to Synth. “In the end, more than 100 creditors were present to express their support, and there was not a single negative vote,” says Alexander De Buck, Wave to Synth’s lawyer. “That means that the organizers can focus again on organizing their festival, which can now take place for sure.”
In the approved plan, 35 percent of the debts are written off, and the rest will be paid back in the longer term. In addition, many creditors have converted their debt into shares of the W-festival. “External factors have hurt us, and I’m glad that our creditors and the court believe in us and give us this new opportunity.”
The W-festival will take place from August 25 to 27 on the beach of Ostend, featuring big names such as Village People, The Human League, Nena, and OMD. Whether there will be a new edition of the Sinner’s Day new wave festival has not yet been decided. “We will make that decision after the W-festival. In any case, a second stage with many fun Sinner’s Day bands is provided.”
So you can start to plan your weekend and see you in Ostend end of August ! (source : HBVL)