Network Ten has been forced to go into voluntary administration after billionaire shareholders like Lachlan Murdoch revealed they would no longer guarantee funds.
An official statement has been released on June 14 and it suggests that during this period, operations would continue "as much as possible on a business as usual basis".
"The directors of Ten regret very much that these circumstances have come to pass," the statement continued.
The board also made a mention of all the key members who worked as the major TV network. "[The board] wish to take this opportunity to thank all Ten employees and contractors for their commitment and enthusiasm for Ten's programs and business."
Ongoing financial turmoil casts a question mark over hit shows like Master Chef, Offspring, The Bachelorette and iconic Australian drama Neighbours.
The statement also revealed that Ten found savings would boost earnings by $50 million in the 2018 financial year and $80 million in the following year as a result of this move.
Stay tuned for more updates on how this will affect your favourite TV shows.
This article originally appeared on New Idea