Terra Firma adds coin to EMI

Money allows music unit to meet loan agreements

EMI’s parent company, Terra Firma, will invest additional coin in the troubled music giant, enabling the company to meet its loan agreements with Citigroup and staving off a potential foreclosure.

The company, which made the announcement Friday, also said it informed Citigroup about the new funding and that the process is expected to be completed no later than June 14.

“We are very pleased to have received this confirmation of an additional investment, which is a vote of confidence in EMI from Terra Firma and its investors, following the significant improvement in the company’s operating performance,” EMI exec chairman Charles Allen said.

Announcement followed a report earlier in the week that Terra Firma chairman Guy Hands had succeeded in persuading 75% of his fund’s backers to inject an additional £105 million ($156 million) so that EMI could meet its banking covenants ( Daily Variety , May 12).

More Music

  • imagine dragons

    Imagine Dragons Rules TV Ads With 'Believer,' 'Thunder'

    EMI’s parent company, Terra Firma, will invest additional coin in the troubled music giant, enabling the company to meet its loan agreements with Citigroup and staving off a potential foreclosure. The company, which made the announcement Friday, also said it informed Citigroup about the new funding and that the process is expected to be completed […]

  • Tommy Keene, Singer-Songwriter, Dies at 59

    Tommy Keene, Power-Pop Singer-Songwriter, Dies at 59

    EMI’s parent company, Terra Firma, will invest additional coin in the troubled music giant, enabling the company to meet its loan agreements with Citigroup and staving off a potential foreclosure. The company, which made the announcement Friday, also said it informed Citigroup about the new funding and that the process is expected to be completed […]

  • Hand out image - Free of

    Philanthropy at the Core of Scooter Braun's Business

    EMI’s parent company, Terra Firma, will invest additional coin in the troubled music giant, enabling the company to meet its loan agreements with Citigroup and staving off a potential foreclosure. The company, which made the announcement Friday, also said it informed Citigroup about the new funding and that the process is expected to be completed […]

  • Bruno Mars

    Hitmakers: From Beyonce to Kim Kardashian, the Stars Are All About Bruno Mars

    EMI’s parent company, Terra Firma, will invest additional coin in the troubled music giant, enabling the company to meet its loan agreements with Citigroup and staving off a potential foreclosure. The company, which made the announcement Friday, also said it informed Citigroup about the new funding and that the process is expected to be completed […]

  • Justin Bieber Ariana Grande Kanye West

    From Ariana to Watt: Catching Up With Scooter Braun's 20 Clients as SB Projects Turns 10

    EMI’s parent company, Terra Firma, will invest additional coin in the troubled music giant, enabling the company to meet its loan agreements with Citigroup and staving off a potential foreclosure. The company, which made the announcement Friday, also said it informed Citigroup about the new funding and that the process is expected to be completed […]

More From Our Brands

Access exclusive content