Stereosonic organisers say festival unaffected by bankruptcy of SFX
Totem OneLove is "cash-flow positive"
The organisers of Stereosonic have said the touring Australian festival will be unaffected by the bankruptcy of its parent company SFX Entertainment.
Totem OneLove general manager Damien Kease released a statement today saying the bankruptcy proceeding was only taking place in the US and that none of SFX's international subsidiaries were included or impacted.
"Totem OneLove is not part of the SFX Chapter 11. Totem OneLove will continue to operate as normal," Kease said. "We are cash-flow positive, can and will pay business expenses and remain committed to planning for, preparing, and producing the festival and events we are known for."
SFX Entertainment bought Totem OneLove, the events and touring company behind Stereosonic, in October 2013.
Trading will reportedly continue as usual at SFX and the company has said it hopes to be fully restructured within six months. But the future of TomorrowWorld is under a cloud, with a spokesperson for the US branch of Belgium's Tomorrowland saying no concrete plans had been made for the 2016 event.
Scott Carbines is Mixmag's Australian Online News Editor, follow him on Twitter
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