VoR
05-04-2004, 07:07 PM
It's gone into administration, leaving Craig David, Mis-Teeq, Victoria Beckham and the Cheeky Girls sans label, among others.
As if things could get ANY worse for old posh.
POOR Cheeky Girls.... I'm sure Mis-Teeq & Craig David will find a new label quickly enough, but will anyone really expect their second album to do well?
Telstar Records appoints administrators
London, 5 April 2004; Telstar Records Limited (which includes the Telstar TV label), Telstar Independent Records Limited (which includes the Multiply Records label) and Telstar Music Holdings Limited have announced the appointment of Andrew Stoneman and Paul Williams, Partners from Menzies Corporate Restructuring (‘MCR’) as joint administrators to the companies.
The directors have taken steps to place the companies into administration in order to protect all creditors.
Wildstar Records Limited, a joint venture with Capital Radio which includes Craig David among its artists, Strong Songs Limited which is a joint venture music publishing company and Media Mix Limited, a media buying company, remain unaffected and will continue to trade normally as part of Telstar Music Group.
Andrew Stoneman of MCR commented, “Administration is a company rescue mechanism which is used to provide companies with breathing space to reorganize their financial affairs with the ultimate objective of preserving the business.
We are currently considering a number of ways forward for Telstar Records, including the possibility of a realistic sale of the intellectual property and back catalogue of the business. So far we have not discounted any options.”
Neil Palmer, Co-Chairman of Telstar Music Group commented, “This is a very sad day for Telstar, its directors and its staff and unfortunately reflects the very serious problems that the industry as a whole is experiencing. We have been involved in intensive talks with third parties over recent months in an attempt to re-structure the business and when these discussions failed to reach a positive conclusion we found ourselves in a position where we had no option but to put Telstar Records into administration. We would like to thank our staff and everyone who has worked with us over the past twenty-two years and we are very proud of our many achievements over that period. We will now concentrate on ensuring that Wildstar, Strong Songs and Media Mix reach the full potential they deserve.”
As if things could get ANY worse for old posh.
POOR Cheeky Girls.... I'm sure Mis-Teeq & Craig David will find a new label quickly enough, but will anyone really expect their second album to do well?
Telstar Records appoints administrators
London, 5 April 2004; Telstar Records Limited (which includes the Telstar TV label), Telstar Independent Records Limited (which includes the Multiply Records label) and Telstar Music Holdings Limited have announced the appointment of Andrew Stoneman and Paul Williams, Partners from Menzies Corporate Restructuring (‘MCR’) as joint administrators to the companies.
The directors have taken steps to place the companies into administration in order to protect all creditors.
Wildstar Records Limited, a joint venture with Capital Radio which includes Craig David among its artists, Strong Songs Limited which is a joint venture music publishing company and Media Mix Limited, a media buying company, remain unaffected and will continue to trade normally as part of Telstar Music Group.
Andrew Stoneman of MCR commented, “Administration is a company rescue mechanism which is used to provide companies with breathing space to reorganize their financial affairs with the ultimate objective of preserving the business.
We are currently considering a number of ways forward for Telstar Records, including the possibility of a realistic sale of the intellectual property and back catalogue of the business. So far we have not discounted any options.”
Neil Palmer, Co-Chairman of Telstar Music Group commented, “This is a very sad day for Telstar, its directors and its staff and unfortunately reflects the very serious problems that the industry as a whole is experiencing. We have been involved in intensive talks with third parties over recent months in an attempt to re-structure the business and when these discussions failed to reach a positive conclusion we found ourselves in a position where we had no option but to put Telstar Records into administration. We would like to thank our staff and everyone who has worked with us over the past twenty-two years and we are very proud of our many achievements over that period. We will now concentrate on ensuring that Wildstar, Strong Songs and Media Mix reach the full potential they deserve.”