TVT Records To File For Bankruptcy Protection

TVT Records, home to recording artist Lil Jon & The Eastside Boyz, Ying Yang Twins, Lumidee and Nine Inch Nails, has reportedly terminated the majority of its employees and is expected to file for Chapter 11 bankruptcy protection by the end of the week.

TVT was involved in a bitter contract dispute with Trent Reznor's Nine Inch Nails and was also embroiled in a legal battle against Island Def Jam over a Ja Rule compilation that IDJ prevented TVT from releasing in 2003. The initial ruling awarded TVT $132 million in damages, but the figure was reduced to zero on appeal, said AllHipHop.com, which first reported this story.

TVT was ordered to pay compensatory damages of almost $2.3 million and punitive damages of over $6.8 million to Ted "Touche" Lucas' Slip-n-Slide Records over rights to an early Pitbull album.

The status of TVT subsidiaries such as TVT Music Publishing and TVT Distribution, or of Lil Jon's album Crunk Rock, is currently unknown.