Citigroup

Report: Investors Back $495M Refinancing Plan for EMI

Authored by Mark Hefflinger on July 30, 2009 - 8:14am.

London - Major record label EMI is set to receive $495 million in equity, through a deal worked out by parent company Terra Firma and its investors as a means of refinancing EMI's $4.3 billion debt, the Financial Times reported. Terra Firma, which acquired EMI for about $4.7 billion in 2007, is said to be working with Barclays, JP Morgan and Morgan Stanley on a plan to raise equity to repay Citigroup -- which helped finance Terra Firma's acquisition.

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."

Chinese Games Firm Shanda Sells Partial SINA Stake for $129.6 Million

Authored by Mark Hefflinger on February 8, 2007 - 11:48am.

Shanghai, China - Shanda Interactive Entertainment, a provider of multiplayer, casual and PC games and other media content in China, announced on Thursday that it has sold part of its stake in Chinese Web portal SINA to Citigroup for about $129.6 million.

AMEX, Citigroup Block Online Gambling Payments in U.K.

Authored by Mark Hefflinger on October 19, 2004 - 9:25am.

London -- Citing concerns over fraud and high consumer debts, credit card providers American Express and Citigroup have taken steps to prevent U.K. cardholders from using their cards to open accounts at online casinos, the Financial Times reported. Both card companies and their rivals have blocked U.S. cardholders from using their cards to gamble on overseas online sites, as online gambling is illegal in the U.S. "We implemented this rule in the U.S. two years ago but did not have the right systems to do it in the U.K. until last month," a Citigroup spokesperson told FT. The U.K. is currently examining whether it should update its laws regarding gambling, in part to account for new technologies such as the Internet.