Following Ten Network Holdings reporting a $232 million half year loss, billionaire shareholders Lachlan Murdoch, Bruce Gordon and James Packer withdrew support for $250 million guaranteed loan that would help keep Ten out of receivership. This loan was intended to replace an existing guaranteed $200 million loan that expires in December. On 13 June, Ten asked the Australian Securities Exchange that their stock be placed in a 48-hour trading halt while it assessed its options concerning receivership. It went into voluntary administration the following day.