Citi takes back EMI from Terra Firma

first_imgTuesday 1 February 2011 2:21 pm Show Comments ▼ Citi takes back EMI from Terra Firma Share Tags: NULL More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com alison.lock center_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeAmoMediaMan Leaves Wife For Her Sister, Her Revenge Is BrilliantAmoMediaMold Removal | Search AdsBathroom Mold Removal Tips That Might Surprise Most AmericansMold Removal | Search AdsStyleVamp11 Celebs And Their Historical DoubleStyleVampBewadaHusband Divorced His Wife After Looking Closer At This PhotoBewada5log – Livinguard®This mask has been sold out in Germany 5 days after the government has tighten up5log – Livinguard®virimi.com14 Efficient Arm Workouts To Build Might & Muscle – Virimivirimi.comfddStimulus News UpdatesfddCleaning Services | Search AdsHere’s What Cleaning Services In Scottsdale Should Actually CostCleaning Services | Search Adsadvisor15 Plants that Repel Mosquitoes Naturallyadvisor whatsapp whatsapp Iconic recording company EMI has been taken over by Citigroup, the US bank that provided £3.4bn of debt to the company.Citi has taken control of EMI despite it keeping up with debt repayments, after concluding that the outstanding sum was unsustainably large. EMI, home of artists such as Robbie Williams and Kylie Minogue, was loaded with £2.6bn of debt in Terra Firma’s £4.2bn buyout deal in 2007, but has now had most of the loans lifted by Citi.Citi had refused to renegotiate the terms of the debt before taking ownership.Terra Firma’s buyout epitomised the risks of loading companies with debt when EMI’s performance slumped in the downturn.The battle for EMI was soured by an acrimonious US court case brought by Hands in December, in which he accused Citi investment banker David Wormsley of tricking him into paying far more for the company than it was worth.US judges found in favour of Citi but Hands lodged an appeal last month.Citi has cut EMI’s debt by 65 per cent to £1.2bn and it has been left with more than £300m cash.EMI’s management welcomed the change.“The recapitalisation of EMI by Citi is an extremely positive step for the company,” EMI chief executive Roger Faxon said in a statement.“It has given us one of the most robust balance sheets in the industry with a modest level of debt and substantial liquidity. With that solid footing, we are confident in our ability to drive our business forward.”In a statement, Terra Firma said it was “pleased that EMI’s debt burden has been reduced through Citi agreeing to write down a substantial proportion of EMI’s debt.” EMI said it would continue under the same management and it is now completely separate from its previous owner. The vehicle formed by Terra Firma to own EMI, called Maltby, is now in administration. last_img read more