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# Bankrupt RPM Distribution Owes $6.7 Million To Labels
- URL: https://www.hypebot.com/bankrupt-rpm-distribution-owes-67-million-to-labels/
- Published: 2019-02-15T08:30:10.000Z
- Updated: 2019-02-15T08:30:10.000Z
- Description: Following the sudden closure of Canada’s largest independent vinyl distributor RPM last month, details surrounding the company’s bankruptcy have begun to emerge. A sworn statement filed by RPM president Paul. Continue reading [https://www.hypebot.com/hypebot/2019/02/bankrupt-rpm-distribution-owes-67
- Author: Bruce Houghton
- Tags: Indie Music, Major Labels, Music Business, Vinyl, Cassettes & Retail, vinyl, #wp, #wp-post, #Import 2026-01-21 10:00

[![RPM](https://hypebot.typepad.com/.a/6a00d83451b36c69e2022ad39d18bb200c-150wi "RPM")](https://hypebot.typepad.com/.a/6a00d83451b36c69e2022ad39d18bb200c-popup?ref=hypebot.com)Following the [sudden closure](https://www.hypebot.com/rpm-music-distribution-shuts-down-without-warning/) of Canada’s largest independent vinyl distributor RPM last month, details surrounding the company’s bankruptcy have begun to emerge. A sworn statement filed by RPM president Paul Herzog in Ontario court reveals the company owes $8.9 million CND / $6.7M USD in liabilities.The majority of the funds are owed to Canada’s major labels, according to *[Billboard,](https://www.billboard.com/biz/articles/news/legal-and-management/8498367/canadian-distributor-rpms-bankruptcy-details-64m-debt?ref=hypebot.com)* Universal Music Canada is owed approximately $5.4 million CND ($4.1 million USD), Sony Music Canada is owed $2 million CAD ($1.5 million USD), while Warner Music Canada is owed $800,000 CAD ($601,081 USD). Three independent distributors are also owed large sums: Outside Music is owed $127,000 CND ($95,478 USD), F.A.B Distribution is owed $98,000 CAD ($73,640 USD), and Distribution Select is owed $62,000 CAD ($56,584 USD).The statement of affairs lists RMP’s total assets as $4,454,599.21 CAD ($3,347,169 USD) including $2,585,000 CAD ($1,941,970 USD) in inventory, $1,412,200 CAD in cash ($1,060,942 USD); $138,732.40 CAD ($104,225 USD) in property, $50,000 CAD ($37,563 USD) in machinery, equipment and plant, and $55,000 CAD ($41,319 USD) for vehicles.RPM was based in Concord, ON, and was a supplier for approximately 400 independent music retailers. The distributor [filed for bankruptcy](https://www.hypebot.com/rpm-music-distribution-shuts-down-without-warning/) two weeks after shutting down back in early January.– [CelebrityAccess](http://celebrityaccess.com/?ref=hypebot.com)