A reported 175 employees are being let go today (300 lost their jobs in Valley's Louisville, KY, facility last month), with a skeleton staff staying on through the liquidation process. Liquidators are due on Monday to begin the process of dismantling the once-mighty behemoth and selling it for parts.
Senior staffers were in Los Angeles on Thursday in a last-ditch attempt to convince Congress to give them more time to sell Valley as an entity, but apparently the lender was not willing to throw more money at the foundering company. Expect Valley to file for Chapter 11 bankruptcy protection by early next week, with Chapter 7 likely taking place immediately thereafter. Valley-owned DNA (Distribution North America) will also be included in the Chapter 11 filing, and insiders say the distribution wing has little hope of surviving the process.
This unfortunate chain of events represents the worst-case scenario for both Valley and the majors, who are owed scores of millions by the company. Brutal.
MALONE, WALLEN APPEAR NOT TO NEED "HELP" ACHIEVING MILESTONE
A genre-obliterating collab (5/13a)
RAJ KAPOOR: STACKING THE STARS, MAKING THE ACMs SHINE
Producer putting the finishing touches on Thursday's show. (5/13a)
WHAT'S NOT TO "LIKE?" HUGE STREAMS FOR KING KENDRICK
No longer keeping his diss-tance. (5/13a)
NEW RELEASES: "HELP" ARRIVES, SWIFT EXTENDS STREAK
Post, Morgan and the ever-popular POETS (5/13a)
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THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
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