Company Behind Creek Fest Country Festival Files for Bankruptcy

by San Antonio Attorney

Jamin R Enterprise, the company responsible for organizing Creek Festival, filed for Chapter 7 bankruptcy after suffering losses from a case filed by a firm who was in charge of security for the event.

The company has a debt of $1.5 million dollars to creditors and only has $50,000 of total assets.

On Point Security Group, the security firm who handled the event for years, billed Jamin R Enterprises over $115 thousand dollars for unpaid fees, according to the bankruptcy filing.

Other debts include $47,300 to the Department of Revenue of Iowa and another $989,000 worth of loans from VT Industries.

Established in 2008 by Kurt and Joyce Rasmus, along with other business partners, the festival became an annual event in Siouxland.  It is considered to be one of the most anticipated summer events in Northern Iowa.

Kurt and Joyce Rasmus decided to retire from event organizing last 2012 but chose to keep the tradition alive by bringing in big-name Country Music artists.

Creek Fest features famous artists such as Jake Owen, Florida Georgia Line and The Band Perry.

However, the music festival has not gained sufficient revenue to pay off their debts.  Jamin R Enterprises has a total unpaid debt of $1,564,000.  VT Industries, a well-known Holstein door and counter-top manufacturer is trying to collect a total amount of $900,000.  This debt was owed by Jamin R Enterprises in 2015 and 2016.

Other establishments in Sioux City owed by Jamin R Enterprises include Powell Broadcasting, Chestermans and L&L Distributing.

Despite financial issues, Jamin R Enterprises opted for a bigger venue for Creek Fest last 2014 when the ticket sales accumulated up to 10,000 people.  Kurt Rasmus recently told KCAU9 News that the organizers will maintain their operations and will conduct the event again next year.

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