SFX’s Totem OneLove, Stereosonic promoter, goes bust

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.

Stereosonic itself is on “hiatus” for 2016, although McNeill, who has since moved left Totem OneLove, said earlier this month he doubted the festival would return in 2017.