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Woodstock 50 said in a statement that U.S.
financial services firm Oppenheimer & Co, a unit of Oppenheimer
Holdings Inc, had signed on as an adviser to complete financing
for the Aug. 16-18 festival at the Watkins Glen motor racing
venue in New York state.
The festival, with an 80-act lineup that includes rapper Jay-Z
and pop singer Miley Cyrus, was thrown into chaos last month
after the lead Japanese investors announced they had decided to
"cancel the event."
Friday's statement did not say how much money Oppenheimer had
obtained.
"We are thrilled to be onboard for this incredible weekend of
music and social engagement," John Tonelli, head of Debt Capital
Markets and Syndication at Oppenheimer & Co, said in the
statement.
"We believe in Woodstock as an important American cultural icon
and look forward to its regeneration," he added.
Woodstock 50 is backed by the co-producer of the original 1969
Woodstock festival, which was billed as "three days of peace and
music" and is regarded as one of the pivotal moments in music
history.
But the anniversary event has been plagued with problems and
delays in announcing selling dates for tickets, obtaining
permits and arranging security and sanitation.
A New York State Supreme Court judge ruled earlier this week
that original investors Amplifi Live, a unit of Dentsu Inc, had
no right to unilaterally cancel the festival last month. But the
judge declined to order the return to the organizers of $17.8
million of Amplifi Live's funds.
Woodstock 50 producer Michael Lang said on Friday that a ticket
on sale date would be announced shortly.
"Words cannot express how appreciative Woodstock 50, the
artists, the fans and the community are to Oppenheimer for
joining with us to make W50 a reality,” Lang said.
(Reporting by Jill Serjeant; Editing by Tom Brown)
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