CocoonClub GmbH & Co, the company behind Sven Väth's state-of-the-art clubbing institution Cocoon, in Frankfurt, received a court order to enter into administration today.
A licensee of the Cocoon brand - which also operates separately as a label, events company and artist agency - the company operating the eight-year-old has filed for bankruptcy as a result of recent financial difficulties. While Cocoon ensures that its other subsidiaries will not be affected by the company's insolvency, it regrets that jobs connected to the venue will inevitably be lost at a time when the future of the club hangs in the balance.
An official statement from Cocoon read as follows:
'Cocoon Music Event GmbH and Cocoon Artist Booking UG are independent and separate companies, in substance as well as financially, economically and regarding the employed staff.
The situation at CocoonClub GmbH & Co. KG does not affect the business operations of Cocoon Music Event GmbH and Cocoon Artist Booking UG in any way.
CocoonClub GmbH & Co. KG is solely a licensee of the brand "Cocoon".
At CocoonClub GmbH & Co. KG, Sven Väth is just a partner who is holding a share of the GmbH. Furthermore, he is the visionary, ideas provider and advising musical curator behind the club concept, but he was never involved in any daily business operations.
Out of the wish to re-establish a trendy club of international format for electronic music in Frankfurt, Sven Väth has, together with other partners, decided to develop a club concept for the new millennium. The highly ambitious project, that has no equal world-wide, became an icon of modern clubbing in no time and has set standards and trends regarding design, sound and star-awarded cuisine.
We deeply regret the possible loss of jobs and strongly hope that the institution "CocoonClub" can be preserved for Frankfurt's nightlife.'
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