Published May 28, 2009SPV Records is learning a new business term today: insolvency. To the layman, that means the inability to pay one's debts as they become due, and apparently this is the case with the long-running German metal label.
Known in the economic world as SPV Schallplatten Produktion un Vertrieb GmbH, the Hanover-based company has come to the decision internally, according to a new Billboard report. SPV has been in operation since 1984, initially starting as a German distribution house for Roadrunner Records, yet over the years, branched out to include a label.
According to Billboard, managing partner Manfred Schütz willingly submitted an application to commence insolvency proceedings on Monday (May 25). They note that insolvency roughly equates to Chapter 11 bankruptcy protection, and as of Wednesday (May 27), the District Court of Hanover appointed lawyer Manuel Sack as the provisional insolvency administrator.
Despite the news, Schütz asserts that "normal business will continue even after the application for insolvency." SPV GmbH plan to carry on operations - apparently forgetting that you need money to do so - forging ahead with their work in production and distribution. If they eventually fold, a vast number and variety of artists including Kreator, Nashville Pussy, Heaven & Hell, B.B. King, Motorhead and many more, will be in search of new homes.
Here's one great SPV band that's born to lose, paying tribute to cohorts cut from the same cloth: