With EMI still at risk of being taken over by bank Citigroup if it misses its next loan covenant, Terra Firma boss Guy Hands has a plan, claims the Financial Times. It reports that Hands is planning to ask investors for a £360 million cash injection, which is three times the £120 million that’s expected to be required for its next financial test. “If investors back the high-stakes gamble, it should buy Terra Firma time to see the loans through to 2015, when they come up for renegotiation,” explains the newspaper. It also suggests that the success of the request may depend on a new business plan being presented this week by Charles Allen, executive chairman of EMI’s recorded music division.
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