Australia’s Stereosonic festival will not take place in 2016, organisers have confirmed.

It is understood the move is related to the ongoing bankruptcy proceedings regarding the EDM event’s parent company SFX Entertainment.

“Totem Onelove Group is currently working on bringing Stereosonic fans the best festival experience possible,” said a statement from organisers. “As part of this, we are taking a hiatus during 2016. However, we will return in 2017, bigger and better. We will see you soon!”

Held in Brisbane, ...