The Entertainment Group has been declared bankrupt by an Amsterdam court, a week after the artist management and concert production company had been given court protection from creditors because it was unable to make payments.

The Entertainment Group (TEG) was founded in 1994, with shareholders including Dutch singer Marco Borsato, his manager Paul Brinks, Unico Glorie, and Ajax football club director Rik Van den Boog. It reported a loss of €1 million ($1.5 million) in 2008. The Belgian arm of the Entertainment Group is unaffected as it separated from the main company earlier this year.

TEG, based in Hilversum, is an entertainment company that stages concerts and handles management of Dutch artists such as Guus Meeuwis, Ilse Delange, VanVelzen and Marco Borsato.

TEG organizes the annual Symphonica in Rosso event, a huge concert at the 23,000-capacity GelreDome venue in Utrecht, set for Oct. 16 to 18, with Diana Ross headlining.

At a press conference, held at the Amsterdam Paradiso on Sept. 23, Borsato announced that the shows will go ahead, although it will now run over two days (Oct. 16 and 17), with Oct. 18 tickets to be made valid for one of the other dates.

"Thanks to the support of the GelreDome venue, Mojo Concerts and See Tickets and many colleagues in the industry, we can safeguard the shows," commented Borsato. He said that simply canceling the event was "unacceptable" as tens of thousands of people had already purchased tickets.

Borsato also announced that he will stage two Marco Borsato and Friends shows on Oct. 20-21 at the same venue, to finance costs related to the Symphonica in Rosso concerts. Artists including Guus Meeuwis, Paul de Leeuw, Jan Smit and Trijntje Oosterhuis have announced they will perform free of charge.

Analysts say that TEG's financial problems resulted from sister company LAB Ventures, active in services like the exchange of air-miles into music videos. In 2008, LAB Ventures posted a loss of €8 million ($11.7 million).

Henk Vermeulen, managing director of the Entertainment Group Belgium, said that the Belgian company has been a separate financial and judicial entity since May 2009. "The bankruptcy of the Dutch company will have no effect on our staff," Vermeulen said. "We want to announce a name-change in the near future, stressing our own business activities."

TEG Belgium is a booking agent for numerous Belgian artists, and also represents singers Sandrine and Stan van Samang. The company also organizes the Marktrock open-air festival in Leuven and is active in TV production.