The film — named after the Mary Chain’s 1984 debut single — currently is being completed by Document Productions Ltd., and features full participation from McGee, as well as new interviews with JAMC’s Jim Reid, Bobbie Gillespie of Primal Scream, Oasis’ Noel Gallagher and Bob Mould, whose early-’90s act Sugar was signed to the label.

McGee, in the video clip below, says, “It’s really just a story of the times, kind of where it went right and where it went wrong.” The filmmakers describe the project this way:

“Millions of sales, near bankruptcy, pills, thrills, spats, twats, success, excess, pick me ups, breakdowns and, of course, some of THE defining music of the late 20th century, this is the definitive and fully authorized story of the UK’s most inspired and dissolute label.”

McGee co-founded Creation in 1983, and made a name for the label by signing hugely influential indie acts that nevertheless failed to score hits. By the early ’90s, McGee sold the struggling imprint to Sony, then finally hit big with the discovery of Oasis and the ensuing Britpop explosion of the mid’90s. The label folded in 1999.

The filmmakers currently are editing “Upside Down,” and the doc is expected “in cinemas globally (in) early 2010,” with TV and DVD following in “spring/summer 2010.”

VIDEO: Watch the latest “Upside Down” trailer, and check out an older one here.

See video of Alan McGee discussing ‘Upside Down’ after the jump…

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