We may be witnessing the demise of yet another one of the Australian festival scene’s monoliths. A report has surfaced that Totem OneLove and SFX Entertainment, the promoters of Stereosonic festival, have permanently scrapped the event.

When The Daily Telegraph contacted promoters they did not offer any comment, but the paper has reported that they’ve permanently cancelled the event after two people lost their lives and dozens more suffered overdoses during the most recent Stereosonic tour.

Totem OneLove’s Simon Coyle did not respond to News Corp‘s requests for comment, but founder Frank Cotela did offer a few words, telling the outlet, “I just don’t know what is going on there at Stereosonic.”

The Daily Telegraph is reporting that Cotela and partner Richie McNeill are planning on embarking on a new venture, though Cotela disputed this. “Not at this stage no. Maybe at the future I will do something but at this stage there is nothing on the go,” he said.

Stereosonic was held over two weekends last year, with 25-year-old pharmacist Sylvia Choi and 19-year-old Stefan Woodward dying from suspected drug overdoses one week apart at the Sydney and Adelaide events, respectively.

Meanwhile, SFX Entertainment have been suffering well-publicised financial difficulties for some time now. As Tone Deaf reported back in February, SFX filed for Chapter 11 proceedings after months of financial hardship.

In a statement, Totem Onelove distanced themselves from SFX Entertainment, insisting its bankruptcy proceedings were confined to the US and would not affect Totem Onelove nor their flagship festival.

“As part of a restructuring agreement with an ad hoc group of SFX Entertainment, Inc. bondholders, SFX filed for Chapter 11 under the United States Bankruptcy Code on February 1, 2016, with the goal of restructuring its debt, improving its balance sheet and maximizing value for all of its stakeholders,” they wrote.

“This proceeding is taking place in the United States only; none of the international operating subsidiaries are included or impacted. Totem Onelove is not part of the SFX Chapter 11. Totem Onelove will continue to operate as normal.”

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“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. It is important to note that the SFX Chapter 11 proceeding taking place in the United States is not liquidation.”

“SFX is not going out of business and, in fact, has received a sizeable capital infusion to pay for ongoing operating expenses. We at Totem Onelove see this as a positive turn of events for the SFX North American businesses that can now focus on the future.”

Meanwhile, News Corp reports that the company’s Australian operation has been considerably downsized, with many of the staffers who worked on Stereosonic no longer in business.