Rapper PITBULL is pleased his label TVT Records is in financial difficulty as it puts him "one step closer to freedom".

The outspoken star - real name Armando Christian Perez - has publicly condemned the label in recent months, accusing bosses of hampering his blossoming music career. Pitbull launched an angry tirade against TVT, accusing the company of not doing enough to promote his album The Boatlift, and even urging his fans not to purchase the disc. And Pitbull now insists he's relieved to hear TVT has filed for bankruptcy and axed the majority of its staff.He tells AllHipHop.com, "Of course the situation is very unfortunate for the people who lost their jobs, and it's unfortunate that it came to this."But it's a very fortunate situation for the artists. That puts us one step closer to freedom." TVT's founder and president Steve Gottlieb, who launched the label out of his New York City apartment in 1985, claims the company is downscaling all its operations but will continue to work on all of its forthcoming projects.TVT's founder and president Steve Gottlieb, who launched the label out of his New York City apartment in 1985, claims the company is downscaling all its operations but will continue to work on all of its forthcoming projects.

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