*In the wake of its Chapter 11 bankruptcy filing Tuesday, TVT Records says it will continue to prepare for and schedule upcoming releases from artists on its roster, according to AllHipHop.com.
New albums from crunk king Lil Jon, the Ying Yang Twins and Yo Gotti are among the TVT projects due for release later this year. Teedra Moses, Keke Wyatt, Lumidee, and Pitbull are also signed to the label.
"I believe that we will emerge from this reorganization a stronger entity," said TVT founder and President Steve Gottlieb. "Our history of innovative marketing, creative branding and artist discovery are as much in demand today as ever before. The downturn in the music business has affected all of us, independents and majors alike. We all seek to adapt to a new business model."
In addition to filing for Chapter 11, TVT has also reduced its staff and closed its international offices to cut costs. The label also plans on selling its distribution platform and may possibly partner with digital content companies and other entertainment entities to continue operations.