City news, and US bank Citigroup, who financed much of Terra Firma's purchase of EMI last year, are reportedly not now planning to sell the loan on to someone else. Speculation that Citigroup would look for someone else to take on the not insubstantial Terra Firma/EMI debt (over £2 billion) came about earlier in the year as the bank announced its own cut backs, what with that credit crunch and all. But Bloomberg have said Citigroup now don't think they'll get a decent deal regarding the EMI debt, given continued reservations in financial circles regarding the future of the London based major and the music biz in general. Music Week say that decision shouldn't affect EMI or Terra Firma, though some cynics reckon it will inevitably lead to further pressure being put on Terra Firma chief Guy Hands to get a return on the EMI investment sooner rather than later.
Apr 17, 2008
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1 min read
Citigroup keep EMI loan
US bank Citigroup is reportedly not planning to sell on its loan to Terra Firma's EMI purchase, after failing to find a decent deal for the over £2 billion debt.