Wolfgang Spahr of Billboard.biz reports: SPV Schallplatten Produktion und Vertrieb GmbH in Hanover has declared itself insolvent.
The managing partner, Manfred Schütz, decided to submit an application to commence insolvency proceedings on May 25 — roughly equivalent to Chapter 11 bankruptcy protection. In response to this, on May 27, the District Court of Hanover appointed the attorney Manuel Sack as the provisional insolvency administrator. "Normal business will continue even after the application for insolvency," said Schütz.
According to Schütz, together with attorney Manuel Sack, the management of SPV GmbH will not only carry on business operations, but also continue working in the areas of production and distribution in the usual way.
SPV was founded by Manfred Schütz in 1984. The company is considered to be one of the leading international heavy metal labels and includes groups such as TYPE O NEGATIVE, SEPULTURA, SAXON, HELLOWEEN, GAMMA RAY, MOONSPELL, KREATOR, ICED EARTH and MOTÖRHEAD as well as non-metal acts such as JOHN LEE HOOKER.
SPV IN DEBT
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SPV IN DEBT
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- VirusDave
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Re: SPV IN DEBT
Well that sucks!
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- thrasherdave
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Re: SPV IN DEBT
John Lee Hooker should get off his lazy arse and write some new stuff to help out.
- H.O.D. Feemo
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Re: SPV IN DEBT
H.O.D. Feemo wrote:John Lee Hooker should get off his lazy arse and write some new stuff to help out.
- VirusDave
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Re: SPV IN DEBT
does this mean there's gonna be a huge flood of super cheap SPV cds?
- thrash metal maniac
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Re: SPV IN DEBT
Surely your a millionaire now anyway Ol
- Povey
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Re: SPV IN DEBT
The record industry is a tricky industry at the best of times. We're sure to see a few fail in the next year or so. Hopefully they will come out of insolvency with restructured loans that they can afford to pay off.
I heard Ol had to spend his millions on reconstructive beard surgery after his fall.
I heard Ol had to spend his millions on reconstructive beard surgery after his fall.
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- metaldazza
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Re: SPV IN DEBT
It's all done with one long hair and lots of mirrors.
- H.O.D. Feemo
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