"Alter Ego" Comes to an End

After Bankruptcy, 2,400 Ticket Buyers Fear for Their Money

Even the support from the city of Wels and the city’s marketing department was insufficient. The “Alter Ego Festival” had to be canceled. Organizer Florian Störinger (2nd from right) and his company slid into bankruptcy.(Bild: Wels Marketing & Touristik GmbH)

It was probably only a matter of time: Following the cancellation of the highly publicized hip-hop festival in Wels this summer, bankruptcy proceedings have now been initiated in regional court against the Krenglbach-based event organizer AEF GmbH. 2,414 creditors are affected. Liabilities are estimated at around 755,000 euros. 

The “Alter Ego Festival” was announced with great fanfare. On August 7 and 8, up to 10,000 hip-hop enthusiasts were supposed to celebrate a massive party in Wels under the direction of event organizer Florian Störinger. But that didn’t happen. Because ticket sales reportedly didn’t go as planned, the event was canceled. It was reported that, one week before the event was set to begin, only about 4,000 of the planned 7,000 tickets had been sold. 

Founded a year ago
Bankruptcy proceedings have now been initiated against AEF GmbH, which was founded on October 1, 2025. The company was responsible for organizing the festival. According to the credit protection association KSV 1870, the cancellation is considered the main reason for the debtor’s filing for bankruptcy. “An investment from a financing partner—which was essential for staging this festival and had originally been promised—was unexpectedly not made available, resulting in a funding shortfall that could no longer be bridged,” explains Alexander Meinschad of KSV 1870, who represents the creditors.

Since the company’s operations have already been suspended, the bankruptcy court is expected to order the company’s closure and the liquidation of its assets by bankruptcy trustee Heinrich Oppitz of Wels in the near future.

Liabilities of 755,000 euros
Of the liabilities totaling approximately 755,000 euros, a large portion is currently attributable to roughly 2,400 ticket purchasers. The event organizer does not know their names, as tickets were sold through agencies. “This matter, along with any claims for reimbursement by the debtor arising from advance payments and deposits, must now be reviewed by the bankruptcy trustee,” said Meinschad. 

The money is likely gone
However, things do not look good for the ticket buyers—most of whom are still very young—who shelled out 139 euros for a festival pass. Shortly after the festival was canceled, the Consumer Protection Division of the Chamber of Labor announced: “Due to the cancellation, those who purchased tickets are entitled to a refund. They should contact the organizer as soon as possible and request a refund within 14 days. If the company no longer has sufficient funds to refund all tickets sold, consumers will be left to bear the costs themselves.”