TVT records-- the label home to Lil Jon, Pitbull, and the Ying Yang Twins-- is expected to be filing for Chapter 11 bankruptcy later this week.

According to Billboard, the company that earned Billboard's Independent Record Label award five years in a row, will call its 20 plus years in the music business a wrap.

The company was founded in a New York City basement in 1985 by Steve Gottlieb. The indie label earned a name for itself with the release of music by Nine Inch Nails and KMDFM. More recently, the label set its sights on hip-hop and put out many hit albums in the genre.

Still, the long tenure of success wasn't without its setbacks. The label sued Island Def Jam over a Ja Rule compilation that IDJ prevented TVT from releasing in 2003. After an initial victory -- TVT was awarder $132 million in damages -- Island walked away the winner on appeal, owing TVT zilch.

TVT also went up against Slip-n-Slide Records, fighting over the rights to a Pitbull disc. The label lost that battle as well and was ordered to come out of pocket to pay almost $2.3 million in compensatory damages and over $6.8 million in punitive damages.

And there's been drama within the label, also. Back in 2005, Lil John vowed to never record another album on the label again.

"TVT are some b*tches," Jon told Ozone magazine. "In case ya'll didn't know, I'll never record another album for TVT again. I don't f*ck with [TVT Records owner] Steve Gottlieb. He don't know how to pay people and take care of the people that helped take his label to another level. You've gotta take care of people that helped you make money and basically made your company and made other artists wanna come to your label."

More recently, Pitbull aired out TVT on Los Angeles radio station KPWR, saying the label dropped the ball on promotions for his new album, The Boatlift.

"I'm out here working like a slave, doing things that other artists don't even know how to do," Pitbull said on air. "A label's there to further and promote your career, but it feels like they just keep holding me back." He also asked his fans not to buy the album.

Lil Jon's latest album Crunk Rock has been delayed several times and still has no set release date. Though a video was just shot for a new Pitbull single, "Anthem," and the Ying Yang Twins' new single, "Drop," is on iTunes, releases from other TVT acts are up in the air. Some artists are expected to sign with major labels.

"Yo Gotti is a prime candidate as a free agent to go," said a source. "He's done his part as an artist, and although he's a little under the radar and people in New York don't know him that well, other majors like maybe Def Jam or Universal, whom he had a previous deal with, might want to pick him up."

Teedra Moses, still working on her sophomore release Young Lioness, is also likely to ink a deal elsewhere.

There has been no word on whether TVT Music Publishing is shutting its doors.

"From what I know, it's still going to exist," said the source. "That's the only part that hasn't had layoffs. People have left and they haven't hired new replacements, but everyone I know in publishing as of yesterday is still working. Although, the people still remaining are just there to fill orders and deal with overdue accounts payable."

[For more on news on the Southern rap scene peep SOHH Dirty]