Creditors of the Ten Network will gather for the first time next week to meet with the newly appointed administrators and discuss possible futures for the embattled broadcaster.
The first meeting of the Ten Network's creditors will be held at the Sofitel Hotel in Sydney on Monday.
The creditors-only meeting follows the third-ranking free-to-air network's failure to secure a new debt facility and its consequent slide into voluntary administration on June 14.
After calling for refinancing or sale options with advertisements in national newspapers this week, administrators KordaMentha have drawn criticism from the Australian Shareholders' Association, which is angry that shareholders and media are barred from Monday's meeting.
According to a spokesperson for KordaMentha, the administrators will provide creditors with an overview of the administration process so far and creditors will vote to appoint a committee of creditors and on whether the administrators should continue in their role.
Lead administrator Mark Korda told the ASA on Friday that only registered creditors would be admitted into the meeting in Sydney.
However, Network Ten journalists, in their capacity as creditor employees will be admitted, the spokesperson said.
ASA director Allan Goldin said the move was disappointing and that the ASA, as the peak body for Ten's 17,000 small shareholders, should be given access.
"Since the administrators were appointed, Ten's own news services have been talking up the likelihood of the company regaining its listing, so with this in mind we were keen to be represented on the creditors' committee but now won't be able to put that proposition," Mr Goldin said in a statement.
The ASA will instead be briefed by Mr Korda after the meeting.
A second meeting will be held within 25 days for the administrator to provide a defined strategy to creditors.
The Ten Network called in the administrators after it became clear two key backers - billionaire shareholders Lachlan Murdoch and Bruce Gordon - would not extend their guarantee on the network's $200m debt facility to a new, $250m facility needed by December.
Mr Murdoch and Mr Gordon, who hold 7.7 per cent and 15 per cent of Ten, through their respective private investment companies Illyria and Birketu have combined their voting power and are working together on a plan to restructure or repay Ten's debt.
The two are not expected to attend Monday's meeting.
Following speculation that Mr Murdoch and Mr Gordon could emerge as possible buyers should Ten go into liquidation, the network's fall has renewed concerns around Australian media ownership laws and that "business as usual" at Channel Ten - as the administrator has pledged - may not be an option.
Ten shares are suspended from the ASX, having last traded at 16 cents.
