Floundering festival promoter All Tomorrow's Parties is shutting down, the U.K.-based company said in a Facebook post today. The announcement came in tandem with the cancelation of the ATP Iceland festival, which was to take place at a former NATO base in the city of Keflavík in just two weeks. "It is with deep sadness we are announcing that ATP Festivals and live promotions are closing down," the organization's Facebook post read. "After months of speculation, our funding for Iceland has been pulled and we are no longer able to continue so will be closing down the entire live side of ATP festivals and live promotions with immediate effect and going into administration." The latest rumbles of discontent surfaced yesterday, when film composer Fabio Frizzi announced he was pulling out of his top-billed performances at ATP Iceland. "We've made every effort to make this show happen, but unfortunately the lack of communication and the failure to honor any of the agreements that we made with Barry Hogan made it impossible," Frizzi wrote. The bands Blanck Mass and Múm had already announced they were leaving the lineup. Future ATP shows in the U.K. will be handed over to other promoters and tickets will remain valid, the company said. Details about transfers and festival refunds have yet to be announced. Founded in 1999 and named after a Velvet Underground song, All Tomorrow's Parties made a name for itself with unique locations and programming. ATP festivals were often hosted at resorts or other out-of-the-way destinations. Many featured lineups guest-curated by a notable band, or a respected artist performing a classic album in full. ATP was also notorious for its consistent struggles with profitability and scheduling, resulting in frequent cancelations. In April, an event in Wales curated by comedian Stewart Lee limped on without headliner John Cale. A second April event curated by Drive Like Jehu was moved, then cancelled entirely days in advance. At one point, ATP founder Hogan was in such a financial pinch that he asked Drive Like Jehu's John Reis for a short-term credit card loan to cover a venue deposit, the Guardian reported. In 2014, ATP canceled London's Jabberwocky Festival — featuring headliners Neutral Milk Hotel, James Blake, and Caribou — three days before it was supposed to begin. In 2013, ATP canceled a New York City event after just one year and a Grizzly Bear-curated show in London. In 2012, a planned expansion to Tokyo was axed before it could happen. That same year, ATP's owners attempted to manage the company's considerable debts by reorganizing under the name Willwal. That company also soon ran into financial difficulties. Read All Tomorrow's Parties' shutdown statement below.