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German Metal Label SPV Declared Insolvent By Newsferatu, Writer Thursday, May 28, 2009 @ 10:36 AM
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 25th - roughly equivalent to Chapter 11 bankruptcy protection. In response to this, on May 27th, 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.
The purpose of the case now in progress is to make it possible for SPV...(story continues here.
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