"It is quite clear that this is an extremely serious situation for the labels caught by the sudden collapse of Pinnacle. The meeting this morning was conducted in the presence of a barrister, Mr Philip Flower, who is a specialist in corporate insolvency. He has been able to provide the labels with excellent advice on their options with the administrators BDO Stoy Hayward. Also present were representatives from iTunes, MCPS,
distributors and Consolidated Independent who provide digital warehousing for Pinnacle.In the run up to Christmas everyone is acutely aware of the need to move as quickly as possible to resume trading and to restore confidence in the retail market. AIM will continue to advise labels...
on both an individual and on a collective basis to ensure that losses are mitigated, and trading can recommence as quickly as possible.
In the meantime, AIM has received many offers of help for the labels affected. It is a unique feature of the independent sector that, in troubled times, competitors can take steps to help each other out. We are sure that, although this is bad news, the effect on labels can and will be minimised as much as possible by the support of AIM and the community."
Alison Wenham
Chairman and Chief Executive
AIM Ltd (Association of Independent Music)
