Bluegrass guitar players have filed for bankruptcy protection, after their association said it had lost more than $50 million in revenue.
The Kentucky-based Bluegrass Players Association said in a statement Friday that it was filing for Chapter 11 protection and will seek bankruptcy protection through Chapter 7 bankruptcy.
The statement said it has been in bankruptcy proceedings since May 2017 and owes more than 10 million dollars.
It said the association has lost more, on average, than $1 million a day in the past two years.
Bluegrass music is one of the oldest and most popular forms of music in the U.S., and is widely considered one of America’s oldest traditions.
The musical tradition has long been popular with college students and is seen as a way to broaden students’ horizons and explore the world.
The practice has spread from the West Coast to the Southeast and is now performed in more than 120 countries.
The Bluegrass Music Instrument Association, which represents the guitar players, said in March that it had been in the process of bankruptcy since March, and filed for Chapter 7 in October.