HMV ADMITS IT IS LIKELY TO BREACH LOAN COVENANTS
HMV issued its fourth profit warning in six months yesterday, and then admitted it is likely to fail loan covenant tests next month and announced its chairman was standing down. Well, might as well get all the doom and gloom out in one go, I guess. 

Of course, it is no secret that the struggling retailer and entertainment group is having a bad time of it, and earlier this year top man Simon Fox announced plans to shut 40 HMV stores and 20 more Waterstones shops in a bid to cut costs. Yesterday, the firm admitted trading conditions "remained challenging" and as a result year-end profits were likely to be in the region of £45 million, or "moderately below market expectations". 

£45 million might sound alright given the current state of the wider retail sector, but the real issue for HMV, of course, isn't its profits but its debts. The retail firm borrowed millions to fund Fox's diversification plan in recent years, which involved buying into companies like 7Digital and taking ownership of the MAMA Group. And while said diversification policy may have been sensible, it's the level of debt it created that is now causing Fox his biggest challenges. 

As usual those loans come with covenants that stipulate HMV should perform at a certain level financially, and Fox recently admitted that meeting those covenants this year was going to be "tight". Yesterday the company admitted meeting those covenants this year was going to be pretty much impossible. 

This doesn't come as a huge surprise, we already knew HMV was in talks with its money lenders about restructuring its debts and rewriting those covenants - and that the lenders had called in advisers to review the situation on their behalf - but the City nevertheless responded with an air of gloom to yesterday's announcements. 

It didn't help that HMV also admitted that its debt levels remained considerably higher than many had assumed, and then announced that its chairman - the main liaison point between Fox and his investors - was quitting. 

Former banker Robert Swannell said he didn't have enough time to be HMV's chairman any more, possibly because the rising doom and gloom means it's an ever more demanding job, or possibly because he recently took on the same role at Marks & Spencer. Swannell will stay on the HMV board though, while fellow board member Philip Rowley will take up his former position. 

Fox continued to put a positive spin on the situation, telling reporters: "Trading conditions remain tough reflecting a difficult consumer environment as well as the changing markets in which we operate. However, our business is adapting quickly to respond to these external factors, and we are confident that our plans will ensure its long-term and sustainable future".

Nevertheless, you can see why the reported offer by Russian businessman Alexander Mamut to buy the slightly more successful but still flagging Waterstones business from HMV is now getting serious consideration from Fox's team, despite them previously saying they had no interest in offloading assets.

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AGUILERA ARRESTED FOR BEING SO DARN DRUNK
Christina Aguilera spent several hours in a West Hollywood police cell earlier this week after being arrested for "being drunk in public". She was taken in after her boyfriend, Matthew Rutler, was pulled over on suspicion of DUI. 

According to TMZ, police say the singer was "extremely intoxicated" and unable to take care of herself, which is why they took her in, but she us unlikely to be charged with anything. It's possible police decided to test the singer's condition by getting her to recite some famous words - like, say, the American national anthem - and when she fumbled on the second verse they threw in the slammer. 

As previously reported, when Aguilera got a line wrong while singing said national anthem at last month's Super Bowl some 'friends' of the star told reporters she was probably drunk, as she had been drinking a lot since her five year marriage to Jordan Bratman crumbled last year. 

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SLAYER FRONTMAN SUFFERING FROM VERTIGO
Slayer were forced to pull out of their slot at the Sydney Soundwave festival last weekend because frontman Tom Araya was suffering from vertigo, it has been confirmed. It was originally thought Araya had contracted an ear infection. 

As previously reported, Slayer's recent live activity has been dogged by ill health, in particular Araya's back problems. So much so that when guitarist Jeff Hanneman contracted a serious arm infection shortly before the band's latest tour, the outfit decided to continue without him. But the band had only performed one show on that tour before Araya had to stand down. It is not yet clear how quickly they'll get back on stage, they are due to play another date on the touring Soundwave festival later this week. 

Araya's wife Sandra said yesterday: "He was suffering from vertigo due to extreme dehydration and lack of rest. Our doctor is in the process of getting the results on the test that were ran (major time zone difference and being the weekend has held up those results). Hopefully there will be nothing more to add after the results are returned".

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INDEPENDENT DOCTOR TO REVIEW ETTA JAMES TREATMENT
An independent doctor will review the at-home medical care being given to soul legend Etta James, who is suffering from both dementia and leukaemia, after concerns were raised by her son Donto. 

His legal rep told a judge this week that the medic treating his client's mother, Dr Elaine James (who is no relation to the singer), had put her patient at risk by inserting feeding tubes at the singer's home, a procedure he argued should be done in hospital. 

Dr James says she has no problem with the review, as it gives her a chance to counter Donto's claims. She told the AP: "He can have ten examiners, he can have 20 physicians to come in that house to perform the duties I do. I have a list of 23 medical sub-specialties that I have had to treat her for. She is not an easy patient".

As previously reported, the singer's husband Artis Mills recently got court approval to access some of his wife's money to pay for health care. Mills told the court his wife was no longer able to look after her own affairs. Donto unsuccessfully opposed Mills' claim to access some of his mother's money, arguing he had been given power of attorney for her affairs.

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KID KUDI SHUTS LABEL, SACKS MANAGEMENT
Kid Cudi has announced that he has closed his record label Dream On and parted company with managers Patrick Reynolds and Emile Haynie. The label was founded by the three men two years ago in partnership with Universal Motown and Kanye West's GOOD Music, and Cudi says that his affiliation with those two companies will remain in place.

He said via Twitter yesterday: "Dream On is over, new label announcement soon. Pat and Emile are doing their own thing, I wish them well. I have a [different] vision, for music, for the world. I'm just doing the right thing, I come from a different place. People lose sight of the mission. Can't expect everyone to be built like me. When people have different visions, you gotta go your own way".

On the subject of his deals with GOOD and Universal, he said: "Always fuckin with Kanye, for life. Period. A true friend. GOOD Music affiliate for life. As far as my movement, I have to lead it. Can't expect people to have the same morals as me. I am still with GOOD Music ...  I'm just changin my side of things up a bit ... Still distributed through Motown".

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JUSTIN TIMBERLAKE HINTS AT RETURN TO MUSIC
Justin Timberlake has said that he is considering returning to music, as he's currently without acting work.

Speaking to E!, the singer-come-actor said: "I think I may spend some time in the studio this summer. I'm unemployed right now. I haven't been hired for anything so I may hire myself to write some music. It's right around the corner".

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KILLERS DRUMMER WORKING ON SOLO ALBUM
Following on from Brandon Flowers last year, Killers drummer Ronnie Vannucci has revealed that he is working on a solo album, which he has chosen to record in the UK.

And he seems to like the team he is working with on the record. Speaking to 6music, Vannucci said: "From the very first moment we were here, it kind of solidified a bond that is undeniable. The people I trust most with music, some of those people are here".

As for the sound of his new material, he said: "We all have such a hand in what is put out there under The Killers, I guess [my input] is [that] I just love rock n roll".

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FOUR TET AND CARIBOU PLAN SPLIT SINGLE
Four Tet and Caribou are planning a split single release later this year, through Kieran 'Four Tet' Hebden's Text Records label. While Hebden will go by his usual moniker, Caribou's Dan Snaith will be switching to Daphni for this release. What fun.

Listen to the two tracks here: 

Four Tet - Pinnacles
Daphni - Ye Ye

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NICK CAVE & THE BAD SEEDS RE-RELEASE FOUR MORE CLASSIC ALBUMS
Nick Cave & The Bad Seeds have announced the latest set in their spate of classic album re-issues, with deluxe editions of 1994's 'Let Love In', 1996's 'Murder Ballads', 1997's 'The Boatman's Call' and 2001's 'No More Shall We Part' due to come out on 16 May.

The double-disc LPs are comprised of the re-mastered original album, a new 5.1 Surround Sound remix, single b-sides, exclusive sleeve notes, and a specially-commissioned 40 minute film by London-based artists Iain Forsyth and Jane Pollard.

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THE SCARAMANGA SIX ANNOUNCE NEW ALBUM
Self-confessed 'evil pop' misfits The Scaramanga Six have given fans access to a brand new single called 'Autopsy Of The Mind', which is available for free download here: thescaramangasix.bandcamp.com

The track, a milder offering from the band than you might be accustomed to, features on symphonic new album 'Cursed', their sixth to date. Produced by the legendary Alan Smyth (Arctic Monkeys, Pulp), 'Cursed' is due out on 26 Apr on Wrath Records.

Catch a rare sighting of the band on 22 Apr at The Well in Leeds, and/or on 23 Apr at London's Wilmington Arms.

Meanwhile, here's a tracklisting of that new album:

Last Roll of the Dice
Damned If You Don't, Damned if You Do
Rest In Peace
Walking Through Houses
Trouble
Autopsy Of The Mind
Dark Matter
I Can See A Murder
The Repo Man
Quite the Man About Town
Like an Insect
Spent Force

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ALMOST FAMOUS RETURNS
PRS For Music's regular new bands night Almost Famous, co-promoted with Club Fandango, returns tomorrow night (3 Mar) at the Bull & Gate in London. Playing this time are eclectic London five-piece Toodar, Anglo-French indie types Channel Cairo, and Tigers That Talked, who are playing the PRS night ahead of a SxSW appearance later this month. 

Admission is free, though you need to put yourself on the guest list at www.m-magazine.co.uk/events/afmar2011/

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COLD CAVE ANNOUNCE UK TOUR
Cold Cave are to mark the imminent April release of their new album 'Cherish The Light Years' with a run of UK shows, exhibiting their brand of dour synth-pop decadence on the following dates:

29 Mar: Bristol, Start The Bus
30 Mar: Leeds, Brudenell Social Club
31 Mar: Glasgow, Stereo
1 Apr: Manchester, Ruby Lounge
2 Apr: Cardiff, Ifor Bach
5 Apr: London, The Lexington

Meanwhile, if you haven't already done so, take advantage of this free download of new track 'The Great Pan Is Dead' here: coldcave.tumblr.com/post/3096772160/the-great-pan-is-dead

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FESTIVAL LINE-UP UPDATE

BEACH BREAK LIVE, Pembrey Country Park, South Wales, 16-20 Jun: This student-targeted festival with the tagline "roll out the beach and roll on the tunes" has unfurled a great initial roster of star acts for 2011, with Tinie Tempah, Magnetic Man, Katy B, Professor Green and We Are Scientists all set to pack their bathers for this year's Beach Break Live. Joining them will be Totally Enormous Extinct Dinosaurs, Yasmin, The Milk and Dry The River, while Zane Lowe, Sub Focus and Mark Ronson will create some beachy vibes with live DJ sets. Ms Dynamite, Shy FX, Nero and Jaguar Skillz are also to appear. www.beachbreaklive.com

BEAUTIFUL DAYS, Escot Park, Devon, 19-21 Aug: Sharing headline duties with festival founders The Levellers this year will be Mick Jones-fronted Big Audio Dynamite, alt-pop pioneers Carter USM, and Gogol Bordello, who make a long-awaited return to Beautiful Days having brought the house down there in 2007 with a characteristically rowdy performance. www.beautifuldays.org 

BOOMTOWN FAIR, secret location, 11-14 Aug: More Gogol Bordello now. They and French electroswingers Caravan Palace lead the latest acts announced to play at this year's Boomtown Fair. The Apples will bring their brand of jazz-funk fusion along too, with The King Blues, Babyhead and Smerins Anti-Social Club also poised to take to the main arena. Already confirmed acts include Welsh rap clan Goldie Lookin Chain, Barrington Levy, Ms Dynamite, The Selector and DJ Zinc. www.boomtownfair.co.uk

DOUR, Belgium, 14-17 July: Having first visited this Belgian festival in 1995, recently-reformed Britpoppers Suede are to return with a flourish this year. Also just confirmed for Dour are Parisian electro-pop pairing AaRON and digital pioneers The Herbaliser, who accompany such already-announced acts as House Of Pain, Erol Alkan, Aeroplane and Joy Orbison. www.dourfestival.be/en

EXIT, Novi Sad, Serbia, 7-10 Jul: Magnetic Man, DJ Sneak, Carl Craig, Marco Carola and Tini will bring a taste of electronica to this year's fortress-based Serbian bash, with Arcade Fire, Grinderman, Pulp and Portishead already locked down to perform. www.exitfest.org

GREEN MAN FESTIVAL, Glanusk Park, Powys, Wales, 19-21 Aug: Texan post-punk outfit Explosions In The Sky are set to co-headline this fiery Welsh fest with already announced folksters Fleet Foxes. Also new to the line-up are The Low Anthem, Holy Fuck, Lia Ices, The Leisure Society, Hannah Peel, Admiral Fallow, Duotone, Driver Drive Faster, Oh Ruin, The Doozer and Treecreeper. www.greenman.net 

KENDAL CALLING, Lowther Estate, Hackthorpe, East Cumbria, 29-31 Jul: The latest crop of acts to be revealed for Kendal Calling are in-demand duo Chase & Status, Blondie, Wakefield lads The Cribs, The Young Knives, Middleman, Nero and this year's hardest working festival band, The Whip. Amongst those already announced to appear at the homespun Lake District fest are The Levellers, Echo & The Bunnymen, Beardyman, and Tim Burgess & Mark Collins of The Charlatans who will play an exclusive acoustic set. www.kendalcalling.co.uk

V FESTIVAL, Hylands Park, Essex/Weston Park, Staffordshire, 20-21 Aug: V Festival celebrates its sweet sixteenth birthday in style, with oddly-paired headliners Arctic Monkeys and Eminem set to be joined by Rihanna, Plan B, Dizzee Rascal, The Script, Duran Duran and Pendulum. Other highlights of this first extensive line-up announcement are Primal Scream, Kaiser Chiefs, Ellie Goulding, Jessie J, Mark Ronson, and Glasvegas. V will also host its usual array of squeaky clean pop acts, which this year includes The Saturdays, Olly Murs, Eliza Doolittle and er... N-Dubz. www.vfestival.com

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MAROON 5 TO WRITE SONG FOR COKE WITH FANS
Have you ever sat down to listen to a Maroon 5 song and thought to yourself: "This just isn't good enough"? Well, it's your lucky day. Or it will be later this month, because the band are asking fans to help them write a song as part of a Coca-Cola promotion.

On 22 Mar, the band will be online at www.coca-cola.com/music asking for contributions and criticism as they attempt to write a whole original song in just 24 hours. I know, that doesn't seem like a particularly tall order (sometimes people attempt to script entire plays in 24 hours), but if you had people from all over the world shouting at you to speed it up, slow it down, make it louder, quieter and more like Slayer, all at the same time, you might find it tricky.

Coca-Cola's Director of Global Entertainment Marketing, Joe Belliotti said: "This is the most ambitious and experimental effort in music Coca-Cola has ever undertaken".

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CHRYSALIS CEO STEPS DOWN
The all-new BMG Chrysalis yesterday announced that former Chrysalis CEO Jeremy Lascelles was leaving the company. 

The news doesn't come as much of a surprise, especially since last week's announcement about the new executive structure that has been put in place since BMG's acquisition of Chrysalis, and the merger of it with the German music rights firm's existing UK business, from which Lascelles' name was missing. The outgoing CEO himself admitted to Music Week: "It was pretty clear [as soon as BMG bought Chrysalis] there wouldn't be a role for me so I don't have any hard feelings about it".

Commenting on Lascelles' departure, Chrysalis founder Chris Wright, who is still on the board of the all-new BMG Chrysalis, told reporters: "Jeremy has all the attributes required of someone to play a key role in the management and direction of any music business. He has vast experience and the vital ability to communicate with creative talent". 

He added: "As the music industry changes to meet the demands of the modern era, there'll be a growing requirement for input from individuals like Jeremy and I'm sure he has a significant role to play in the industry going forward. He and I enjoyed a very close relationship during the seventeen years he was with Chrysalis, and I fully expect that relationship to continue, regardless of where his future in the industry lies".

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ALLMUSIC.COM BECOMES ALLROVI.COM
AllMusic.com, the directory service that provides data, biogs and reviews for all sorts of digital music platforms, is changing its name to AllRovi.com. 

The name change will coincide with a revamp which will see similar database services on the TV, gaming and film sectors also operated by owners Rovi Corp brought together under one brand. The aim also seems to be to drive more traffic directly to the AllRovi.com website in addition to providing data to other digital platforms, with additional recommendation and sell-through tools added to the new site.  

Rovi's VP of Marketing Dave Jordan told reporters: "We think there is a better entertainment experience out there and we want consumers to use our site to learn about it. Once they experience the richness and features we provide, they might start looking for it in other devices and want to connect where ever they are. Of course, that is on top of the benefit to Rovi which is to showcase our data and services as an inspiration to our customers and future developers".

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ADAM & JOE TO RETURN TO 6MUSIC
6music has announced that Adam & Joe will return to their rightful place on Saturday mornings at the BBC station next month. Initially they will only be back for a twelve week run, but it's hoped they can be convinced to stay on forever and never ever ever go away again. The pair originally went on temporary hiatus from the station at the end of 2009, as Joe began work on his debut feature film, 'Attack The Block'.

Adam Buxton said in a statement: "I can't wait to get back to our show on Saturdays, I've really missed doing it. Not that I haven't been every bit as busy as Joe. I've created several new filing systems for my CDs and DVDs, successfully reunited over 20 odd socks with their partners and learned to understand the language of ants (though I'm finding Dec's more of a problem). It's been fun but I'm looking forward to talking rubbish and playing brilliant music with Joe again".

Controller of Radio 2 and 6music, Bob Shennan added: I know listeners have been missing Adam and Joe's warm and witty banter from their Saturday mornings so I'm enormously pleased to welcome back their Sony Award-winning show to the network".

Here's some reading to help you get back into the spirit of the show.

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DURAN DURAN ANNOUNCE ITV SHOW
Duran Duran will mark their 30th year in the music business with a one-off special on ITV1 later this month. Could be worse, I suppose. They could have got Christine Bleakley to present it. Oh, they have. Oh well. 'Duran Duran: One Night Only' will see the band perform live and chat to a studio audience.

The band's Simon Le Bon said: "We are very excited to be a part of the 'One Night Only' series - as we really like the format of the programme. We always enjoy performing in front of a live audience and this show will be the first opportunity for us to play a number of songs from the new album. We've spent the last couple of weeks in our rehearsal room working on the arrangements for all the new material and we are looking forward to the show very much".

The band's new album, 'All You Need Is Now', is due for release on 21 Mar.

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BRIAN MCFADDEN: NEW SONG ABOUT WIFE, NOT DATE-RAPE
Oh, it's alright everyone. When Brian McFadden sang about taking a drunk woman home to "do some damage" and "take advantage" in his new song 'Just The Way You Are (Drunk At The Bar)', he wasn't talking about women in general, just his wife, Delta Goodrem. Which is apparently fine. 

There was a bit of a furore after the song went online last week, because people for some reason thought that lines like, "I like you just the way you are, drunk as shit dancing at the bar" and "can't wait to get you home so I can do some damage, can't wait to get you home and take advantage" were a bit suspect. But they're not, Brian says so.

McFadden told The Daily Mirror: "I am shocked at these ridiculous accusations about my new song. For the record I wrote the song about how I love it when Delta has a drink - which is very rarely - and she's dancing".
 
He then added via Twitter: "My new song is a tongue-in-cheek song about how I find it cute when my girl gets drunk. I am not promoting date-rape. What's the next thing I am going to be labelled as from things I say? Super intelligent reaction to my song. Wish I was as clever as them. And yes it is dumb lyrics and a dumb beat, that was the point! When did I ever claim to be John Lennon?"
 
So, there you go. Not suspect at all. Not at all. Damn you intelligent people with your thoughts ruining Brian's lyrics. He just wants to 'damage' his wife sexually while she's drunk. Oh, no, hang on, it is still awful.

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