Dire Straits event has no new time for parodies (10)

I believe the answer is:

travesties

'for parodies' is the definition.
(travestying is a kind of parodying)

'dire straits event has no new time' is the wordplay.
I cannot really see how this works, but
'time' could be 'est' (EST is an example) and 'est' is located in the answer.
This may be the basis of the clue (or it may be nonsense).

(Another definition for travesties that I've seen is " They're ridiculously unconvincing".)

I've seen this clue in The Guardian.

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