ISP and pay TV company Austar has made 400 staff, almost a third of its employees, redundant in the face of mounting debts.
The company is cutting costs as it attempts to re-finance around a reported $400 million worth of debts.
As well as the redundancies, the company is shutting down its Internet network and outsourcing its field sales, installation and technical support to third parties. The company has already selected Access Television Services as its outsourced partner for the installation and technical support of its pay TV operations. The company is also closing 23 regional offices and minimising all corporate expenditure.
Company executives expect to save around $90 million annually from the restructure.