The Registrar of Indigenous Corporations, Ms Tricia Stroud, has extended the special administration of Townsville Aboriginal and Torres Strait Islander Corporation for Media until 30 September 2022.
Also known as 4K1G, the corporation has been in special administration since 14 June 2021 due to serious concerns with its solvency and financial viability. Of particular concern were debts of more than $445,000, which it was unable to pay.
Recently, the special administrators signed an agreement to sell the 4K1G building. The sale will enable the corporation to pay its debts in full and restore it to a healthy financial position—a vital precursor for its return to community control.
The building sale also gives the corporation working capital sufficient to fund much-needed upgrades to its broadcasting equipment.
A lease-back arrangement negotiated by the special administrators will ensure 4K1G can continue without interruption to its service.
Mr Neil Michel and Mr Mark O’Shea will continue as special administrators.
Background
See the Registrar’s previous media releases:
- Airing the issues at Townsville’s 4K1G—14 June 2021 (MR2021-20)
- Townsville 4K1G radio station special administration extended—17 September 2021 (MR2122-03)
- Rescue of 4K1G radio needs more time—17 December 2021 (MR2122-06)
- 4K1G radio on path to financial recovery—18 March 2022 (MR2122-10)
Media contact
Lisa Hugg 0477 762 290
ORIC MR2122-15
30 June 2022