There isn’t much good news going around about the recorded music industry these days, especially here in Australia, against a backdrop of decreased album sales and a difficult economic forecast.

So it’s great to hear this morning that Melbourne distributor and label Aztec Music, who had gone into receivership after nearly a decade of hard work preserving local music heritage, has been saved according to The Music by a group of investors led by promoter Paul Dainty.

Prior to Dainty’s intervention, Aztec was likely to go into liquidation. It never recovered after the importing arm of the business lost $350,000 two years ago from distributors and music stores closing down, resulting in their bank withdrawing their financial lifeline.

Dainty and his consortium which includes distributor Gryphon Entertainment, have assumed immediate control of Aztec’s assets and back catalogue, and Ted Lethborg – who co-founded the label in 2004 – will remain as head of the operation.

“To get a second chance to continue the preservation of Australia’s rich musical heritage (via the Aztec Music reissue label) is an unexpected and welcome surprise,” Lethborg said in a statement. “We are all looking forward to both working towards resurrecting the label and continuing our unique music importing model.”

“Aztec Music has left an indelible mark on the Australian music scene,” added Dainty, who is best known for touring international acts such as Eminem. “The new team looks forward to continuing the tradition through the reissue of classic Australian albums and the importation of rare and highly collectible compilations from overseas.”

Distribution of the label’s catalogue, which includes a number of Australian hard-to-finds and classic local albums such as those by X, Died Pretty, The Master’s Apprentices, Tumbleweed, and of course The Aztecs, will now be handled by Gryphon Entertainment.