UBO, the maverick Latin entertainment company that garnered major chart success?and international headlines with their spanish-language lyrical-rework, recording and rerelease of America's national anthem during last spring's immigration rallies?has shut its doors.

Sources inside the company said that UBO closed at 6 p.m. on Dec. 6; the company confirmed the shuttering Dec. 7 via a press release. The reason cited for the closure was lack of funding for 2007 operations.

UBO's Chosen Few is currently on the latin chart; the label has also had chart succcess with the likes of Andy Andy. UBO was founded by president/CEO Adam Kidron in 2002 and released its first album in 2004. Almost immediately, the company's releases sold well, thanks to aggressive and innovative marketing and very low prices?$10 and under for a CD at retail?that raised many an eyebrow.

"While I am proud, very proud, of the energy, optimism and innovation we brought to the business of music I am terribly disappointed not to have the opportunity to finish the job, and concerned that our failure may give more ammunition to those who say that radical change is not possible," said Kidron in a statement.

There had been talks of UBO having financial difficulties for the past several months, but Kidron was allegedly looking for funding. There is no word on Kidron's immediate plans.

UBO was recently a sponsor of the Billboard Regional Mexican Summit in Los Angeles. The company's most recent release, "Chosen Few, El Documental II," is currently top 10 in the Billboard Latin Albums chart. The album was supported by an ambitious marketing campaign.