Ann: TEN Group Enters Voluntary Administration, page-12

"...During this period, the Administrators intend to continue operations as much as possible on a business as usual basis."

It is unlikely, unless these Administrators are very good (and they would want to be for their reputation is at stake) that you will recover any value from your shares. Approximately 2% of Australian companies which enter VA end up back in business so to speak.

That being said, I can't imagine the government wanting the 17000 or so small family investors, peoples superannuation investments and the like being ripped apart by the loss of what should be a pillar of free-to-air content. I do not believe the government will allow an "all content must be paid for" approach to the vastly dispersed Australian population just yet. Though it is 2017, and everyone is expected to be earning enough to pay for content we don't necessarily want... right?