Friday, February 05, 2010

EMI parent seeking cash to avoid default

Washington Post
The private equity firm that bought the recording label of the Beatles and Coldplay needs more cash from investors to avoid a possible foreclosure by Citigroup Inc.

The problems for British financier Guy Hands were detailed in a report that was audited by KPMG and released Thursday. Hands' private equity firm, Terra Firma, bought EMI Group PLC through a separate company, Maltby Capital Ltd., for 2.4 billion pounds (equivalent to $3.8 billion now) in 2007.

Maltby directors said in the report the company needs to raise money by June 14 or risk defaulting on its loans. Maltby said it may require more than 105 million pounds ($165 million) to last through this year.

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