AMSTERDAM, NL (CelebrityAccess MediaWire) — The Dutch arm of Marco Borsato's The Entertainment Group was declared bankrupt by an Amsterdam court on September 22nd after the company was unable to meet financial obligations.
Included in the judges' findings were TEG Bookings BV; TEG Television Ltd; TEG Agency BV; TEG Concerts & Events Inc., and TEG Music BV. Mr. J.A.H. Padberg of Holland Van Gijzen lawyers & notaries LLP was appointed liquidator for all of these entities.
The Hilversum-based firm was founded in 1994 by singer Marco Borsato along with his manager Paul Brinks and other investors. Since then, it had grown to be major player in the market, producing concerts such as the annual Symphonica in Rosso. The company also provided artist management services and developed television products.
The Dutch press connected the company's financial troubles to a related firm, LAB Ventures, which posted sharp losses to the tune of €8 million euros last year.
TEG had 3 "Symphonica in Rosso" dates with Diana Ross scheduled and at present, two (Oct. 16 & 17) are still a go, thanks in part to Mojo concerts stepping in.
"Thanks to the support of the GelreDome venue, Mojo Concerts and See Tickets and many colleagues in the industry, we can safeguard the shows," Borsato said at a press conference.
Te Belgian arm of The Entertainment Group, which spun off from the company in May of 2009 released a statement that indicated that they would continue to operate and were unaffected by the bankruptcy. – CelebrityAccess Staff Writers