Sydney headquartered regional telecommunications carrier Field Solutions Holdings has called in the receivers, looking to sell the group of companies as a going concern, or recapitalising.
McGrathNicol partners Rob Smith and Matthew Hutton were appointed as receivers, with FSG's board at the same time calling in Barry Wight and Daniel Juratowitch of Cor Cordis as administrators.
"The group's secured lender called in the debt," Andrew Roberts, FSG's chief executive told CRN Australia.
"Current management are in the process of submitting a restructuring proposal via a Deed of Company Arrangement (DoCA) to continue operations," Roberts added.
"FSG and its staff are determined continue it regional managed services business and to deliver our Regional Australia Network (RAN), aimed at providing additional mobile phone coverage for rural, regional and remote Australia," he said.
Field Solutions Holdings has 14 subsidiaries.
ASX-listed FSG voluntarily suspended trading of securities on February 4.
FSG has attempted to raise between $6 to $8.6 million with institutional, professional and sophisticated investors, through a combination of private and shareholder placements, and a follow-on entitlement offer.
On February 18, FSG said it had sold its mining unit to PIT Mining, for $4.975 million, of which $1.975 is subject to performance conditions.
This would reduce FSG's operating expenses by $4.8 million, and drop gross revenue by $12 million.
PIT Mining would take over 80 customers, and 21 staff.
FSG has around 220 staff, and fully-owned rural and regiona network infrastructure assets, providing digital enablement for business, enterprise and government.
The company also touted "the birth of Australia's 4th mobile network" at a December 2024 investor presentation, saying it was at the stage of a commercial agreement to actively share it with national mobile telco operator.
Its full-year 2024 figures showed revenue up by 13 per cent year on year to $63.43 million, but profit after tax of just $200,000.
For its first quarter of the 2025 financial year, FSG pointed to lower than expected non-recurring revenue and margins, predominantly in non-recurring project revenue, along with lower sales and delayed deliveries.
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