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UPDATE: The Orchard Takes Control Of TVT

NEW YORK(Hypebot) – Following its successful bid on June 19 and New York Bankruptcy Court approval on June 26, The Orchard has now acquired most of the assets of TVT Records including TVT’s catalog, artist contracts and a N.Y. office. The transaction excludes holdings in TVT’s music publishing subsidiary.

A second closing…which is scheduled to take place on or before July 11th will address remaining assets contested in TVT’s bankruptcy proceedings and determine which of the assets The Orchard will acquire, or will otherwise remain as assets of TVT Records’ debtors.

The Orchard says it will announce additional details pertaining to the acquisition will be announced following the second closing.