Californian independent record label Lookout! is facing an uncertain future after Green Day pulled their catalogue from the company over contractual disputes relating to unpaid royalties.
Lookout! released most of Green Day's pre-Warner Music material and have since earned a healthy income from the band's back catalogue. However, following the dispute over allegedly unpaid royalties from early albums '1,039/Smoothed Out Slappy Hours' and 'Kerplunk', the band is now reportedly in talks with other labels to release their back catalogue content.
Although no official announcement has been made to that effect, reports say the impact of that decision has already hit at the independent, with six of the company's nine staff laid off and all up coming releases put on hold.