February 4, 2010:EMI speculation hots up over financial covenants

EMI speculation hots up over financial covenants

The Financial Times is reporting that Terra Firma will be forced to inject another £100 million this year to ensure that EMI Music meets the terms of loans from Citigroup. Failing to inject the new cash could see Citigroup take control of EMI. The FT says Terra Firma has already written to its investors seeking approval for the injection, while boss Guy Hands has asked EMI Music CEO Elio Leoni-Sceti to “come up with a new plan for the recorded music part of the company to persuade investors that he could invest the new funds for a good return”. The news may reignite speculation about EMI’s publishing and/or recorded music divisions being up for sale this year.

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