Both the Financial Times and Guardian are reporting that Terra Firma is close to securing £105 million of additional cash from investors to ensure that EMI doesn’t breach its debt agreements with Citigroup. The FT suggests that Terra Firma boss Guy Hands has secured enough “verbal assurances” from investors to be confident of securing the deal by Friday’s deadline. Hands is hoping to end the uncertainty around EMI, with evidence that it’s having an effect on the company’s recorded music division. “Some of the uncertainties have made it harder to sign new artists, because of the amount of publicity Guy and Terra Firma get with regard to the debt and trying to raise this money,” says A&R Chris Briggs, who’s just left EMI for a new job at Sony.
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