More following on from Friday's big EMI story. The FT reports that the London based major is considering restructuring its debts, and might borrow against its more profitable music publishing division in order to bolster up its recorded music operations, and to strengthen the Group against a hostile takeover. Or something like that.
Gossipers have been gossiping about the events that led up to the surprise sacking of EMI Music chiefs Alain Levy and David Munns on Friday. HitsDailyDouble says the two chiefs were unaware of their pending demise until Thursday morning when, having been called back to London from a Norah Jones event in New York, supposedly to present their restructuring and cost cutting plans, they were told by Group chief Eric Nicoli at a hotel in the capital that he had his own restructuring and cost cutting plans - based around them never returning to the major's West London offices. Nicoli, who recruited Levy and Munns back in 2001, was reportedly responding to an ultimatum by the EMI Group board to act decisively to overcome the company's financial difficulties. I'm not sure what this tells those EMI teams awaiting news of what the wider restructuring will mean, though I'd be avoiding invites to breakfast meetings with Eric. And Norah Jones showcases for that matter.