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Terra Firma hire asset management types to review EMI debts
By CMU Editorial | Published on Tuesday 21 July 2009
A short but possibly significant story. Terra Firma have reportedly hired asset management firm Blackstone Group to try to work out a way to restructure EMI’s debts to US bank Citigroup who, as previously reported, financed the private equity firm’s purchase of the London-based major in 2007. These reports follow recent news that Terra Firma was trying to renegotiate its loan agreements with Citigroup, even looking for the bank to inject more cash into EMI Music. Insiders say Blackstone are looking at other cash raising options in case talks with Citigroup prove unproductive, including some kind of high-yield bond issue.
