The one-day, five-city EDM extravaganza will not go ahead in 2016, says promoter (and major SFX Entertainment creditor) Totem OneLove
Sign up for IQ Index
The latest industry news to your inbox.
Following the cancellation of Stereosonic 2016, Totem OneLove Group has followed its parent company into administration
By Jon Chapple on 24 May 2016
Totem OneLove Group, the Australian subsidiary of SFX Entertainment that promotes Stereosonic festival, has declared bankruptcy.
The company, trading as SFX-Totem Operating Pty Ltd, is shown as having entered “external administration” by the Australian Securities and Investments Commission (ASIC) and confirmed to theMusic.com.au this morning that administrators have been appointed.
A separate company, Totem OneLove Group Pty Ltd, is currently shown, however, as still being active. IQ has contacted Totem OneLove for clarification.
Totem OneLove and Stereosonic were sold by founders Richie McNeill and Frank Cotela to SFX Entertainment, which filed for bankruptcy in February, in 2013. As of 1 February 2016 the company was owed US$10.7 million by SFX.