Citigroup takes ownership of EMI (BBC)

[eppur_se_muova]

US banking giant Citigroup has taken over the ownership of EMI, the record label where it was the major creditor.

Under the terms of the deal, EMI's debt has been reduced by 65% from £3.4bn to £1.2bn.

In 2007, Citigroup loaned money to Guy Hands' private equity firm Terra Firma to enable it to buy EMI.

But the takeover proved to be a failure, with Terra Firma widely seen as having massively overpaid for the company.
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more: http://www.bbc.co.uk/news/business-12339299




Whole lotta good jazz on EMI ...