Lil Wayne's Young Money Entertainment has reportedly fallen into a deep financial trouble and will be seeking bankruptcy protection.

According to the executives (via MediaTakeOut), the recording company, which is an imprint of Cash Money Records and distributed by Republic Records, "may be going bankrupt," and "the label and its head Lil Wayne are coming under extreme financial distress - mostly because of lawsuits and the IRS."

With that being said, what can possibly happen to YM signees like Drake, Nicki Minaj and Tyga if Tunechi fails to turn things around financially? "If they don't work quickly, they may have to file for bankruptcy protection and liquidate their assets," MediaTakeOut reads, claiming that the label may have to free the rappers from their contracts.

"You know that Jay Z and the folks at Roc Nation are licking their chops when they hear this," the website added.

Back in 2007, Young Money Entertainment founder Weezy stepped down as president, giving the position to his manager Cortez Bryant. Two years later, the New Orleans emcee's lifelong friend Mack Maine became president.

The hip-hop label has been quite successful in terms of music, making numerous hits on Top 10 charts. Also, it released the compilation album titled "Young Money: Rise of an Empire" in March.

However, T-Raww recently took to his Twitter account, criticizing the Young Money label for not releasing his fourth studio album "The Gold Album: 18th Dynasty" as he planned to drop on Nov. 18:

Another signee Lil Twist also complained about YM in early October, tweeting: