I made a handy hierarchical list of the possibilities for you - at least the ones I can think of. I'm proud of the generic nature of my list

record was never made

record was made but never "finished"

record was finished but there were "business" problems that prevented the release
- the record will never be released
- the record will be released when the business problems are cleared up
-- the business problems are likely to be cleared up
-- the business problems are unlikely to be cleared up

record was finished but there were "artistic" problems that prevented the release
- the record will never be released
- the record will be released when the artisit problems are cleared up
-- the artistic problems are likely to be cleared up
-- the artistic problems are unlikely to be cleared up

record was finished but there were a combination of business and artistic problems that prevented the release
- the record will never be released
- the record will be released when the artisit/business problems are cleared up
-- the artistic/business problems are likely to be cleared up
-- the artistic /business problems are unlikely to be cleared up

the record is made/finished but is not being released for "strategic" reasons
- the strategy is clear, the record has a release date, it isn't now
- the strategy is not clear, the record has no release date
-- the strategy is unlikely to be finalized, the record will never get released
-- the strategy is likely to be finalized and the record will be released someday

the record is lost, no one can find it

the record is lost, we expect we can find it

vast right wing conspiracy

other