FT: Terra Firma in Talks to Sink Another $486M Into EMI

Authored by Mark Hefflinger on July 13, 2009 - 7:00am.

London - Terra Firma, the private equity firm that acquired major record label EMI in 2007 for $4.7 billion, is in restructuring talks with Citigroup that could see the label receive up to $486 million in new equity financing, the Financial Times reported. One source told FT that Citigroup, which financed the acquisition with around $4.9 billion in loans, is "not close to agreeing to write off a large chunk of EMI's debt and that a deal remained highly uncertain."

Terra Firma said in March that it had written off half of its $4.7 billion investment in EMI.

That same month, the firm pumped some $45 million into EMI.

In May, The Wall Street Journal reported that Terra Firma injected an additional $45 million into EMI.

Related Links:
http://snipurl.com/n5ezc (Financial Times)

http://www.terrafirma.com

http://www.emi.com