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’Hands back once again
None other than Guy Fawked himself.
Breaking on Sky News:
Guy Hands, the private equity tycoon who last week lost control of EMI, the music company, is in talks to buy Chaucer Holdings, the Lloyd’s of London insurer,
The Terra Firma response — IN FULL
After three years and a £1.75bn loss, is that it?
Terra Firma is pleased that EMI’s debt burden has been reduced through Citi agreeing to write down a substantial proportion of EMI’s debt.
Hmm.
Guy Fawked [updated]
Hands-free at last, etc. Terra Firma — boss: one Guy Hands — just lost control of EMI to a Citigroup manoeuvre. Click for full statement (PDF):
(H/T to Bryce Elder for headline)
Update (7:05pm GMT) — Terra Firma issued this slightly pithier statement on Tuesday afternoon:
Should Guy Hands be barred from Britain?
Based on the contents of this delirious court filing we would argue that the answer is an unequivocal “yes.”
That’s not because Guy Hands, the founder of Terra Firma and, by extension, the boss of EMI,
EMI – a (on)going concern? (updated)
Maltby Capital Limited, the vehicle Guy Hands used to acquire EMI for £4.2bn shortly before the credit markets collapsed a couple of years ago, has filed results and financial statements for the year to March 31,
Hands v Wormsley (or Terra Infirma)
Oh dear. Guy Hands, the self-respecting veteran of British private equity, is clearly closer to the edge than we realised.
If you start accusing a leading bank of getting one of its analysts to write knocking copy on one of your businesses just so as to undermine you,
Hands warns governments on banks
Guy Hands, head of UK buy-out group Terra Firma, has warned that unless governments push banks to restructure $7,000bn of leveraged loans due to mature by 2014, the US and Europe could face the “Japanese problem” of zero growth.
Hands signals regret over EMI
Guy Hands, founder of private equity firm Terra Firma, on Thursday admitted that if the May 2007 auction of music group EMI had happened two weeks later, he would not have bought the company. The remarks,
Guy Hands in talks for wind farm
Private equity investor Guy Hands is in advanced talks to invest up to $350m for a controlling stake in EverPower Wind Holdings, a New York-based developer of wind farms, reports the WSJ. EverPower will use the money to expand and to refinance a loan.
Terra Firma considers bond issue to pay down EMI debt
Blackstone, the private equity group, is advising its rival Terra Firma on a plan to issue high-yield bonds to repay Citigroup’s £2.6bn of loans to music group EMI, one of the US bank’s biggest single exposures.
Hands steps down at Terra Firma
Guy Hands is stepping down as chief executive of Terra Firma, the private equity group he founded, handing over day-to-day responsibilities for operations to Tim Pryce, a co-founder of the firm, who worked with Hands at Japanese bank Nomura.
Terra Firma writes off half of EMI buy
Terra Firma, the buy-out house run by financier Guy Hands, has written off half its €2.6bn (£2.3bn) investment in EMI, the music group. EMI accounted for the majority of a €1.37bn impairment charge in Terra Firma’s annual review,
Hands buys out investors
Guy Hands has bought three cash-strapped investors out of their holdings in his Terra Firma private equity fund at a heavily discounted price that underlines concerns about its indebted investments, notably music group EMI.
The ugly reality at EMI
An adviser to Guy Hands, speaking privately this time last year:
They think there are people with ‘magic ears! (guffaws) They believe they have people who can spot talent. They don’t know how to use market research or anything like that…All I can tell you is that Guy will be cutting a lot more cost out of that business than has so far been indicated publicly…
Lombard: Forcing buyout specialists back to basics
Put the bons mots of Guy Hands end to end and they stretch further than the declarations of all other private equity executives put together. Compared with the rest of a notoriously cagey group, Mr Hands – chief executive of UK-based Terra Firma Capital Partners – sings like a canary,
Hands warns on UK tax regime
Guy Hands will on Wednesday warn he is reviewing whether to move at least part of Terra Firma, his UK-based buy-out firm, overseas in protest at the recent tax increases on capital gains and non-domiciled residents.
EMI chief in ‘audacious bid’ for Chrysalis
Guy Hands, chairman of EMI, the music company, has tabled a bid for Chrysalis, one of Britain’s last big independent music groups, reports The Times. The audacious move by Hands, whose private equity group,
EMI falters on £2bn Citi loan facility?
This weekend, EMI gave, perhaps, a grim portent of things to come for leveraged buyouts.
By our reckoning, Monday’s £200m rights issue is, in fact, an “equity cure.”
This equity has probably been issued to meet a cash-flow shortfall – real or projected – on EMI’s £2bn loan facility with Citi,
Hands to raise £200m for EMI, slash jobs
Guy Hands is close to raising £200m of fresh equity to inject into EMI as he prepares to slash more than a third of the staff in its problem-hit recorded music business. Hands, in his first interview since completing the £3.2bn acquisition,
Happy Christmas from Guy Hands
UK private equity king Guy Hands has sent out a Christmas gift of “The Great Crash 1929” by John Kenneth Galbraith, reports the FT’s People column. Clearly, Hands’ inspiration was drawn from the lack of rock and roll in financial markets,
The Real Deal: Trials of winning the wrong auction
Bankers bored of the credit squeeze are now obsessing over Guy Hands and his £4bn investment in EMI.
Word is the chief executive of buy-out group Terra Firma is in a wild panic about his impulsive acquisition and how he’ll manage to make a return on the record company he bought on the back of 43 pages of basic due diligence.
Guy Hands bites the ‘dogs’ who feed him
Guy Hands, the enfant terrible of European private equity, on Wednesday described bankers such as those who funded his recent $10bn spending spree as a pack of “whimpering dogs”, warning they would refuse to bankroll “mega buy-outs” for years.
Hands warns of ‘fundamental change’ at EMI
EMI will drop artists it feels are not working hard enough and “unpick” its own executives’ pay packages, its new private equity owner has told staff. Guy Hands, chief executive of Terra Firma, promised “fundamental change”
Not so sweet music for EMI pensioners after Hands buyout
Elvis isn’t affected, obviously, because he’s dead. And, more to the point, we don’t think he was ever signed to the EMI label or any of its constituent parts. But spare a thought for other ageing rockers,
Jaguar and Landrover: The next ‘bad’ challenge for Guy Hands?
First it was EMI, now it’s Jaguar and Land Rover… UK buy-out group Terra Firma is among the potential bidders for Jaguar and Land Rover, reports the FT on Thursday.The buy-out group, headed by City financier Guy Hands,
Lina Saigol: Three options for the buy-out crowd
So we know all leveraged buy-outs are sunk, but what does that actually mean?
Here’s Guy Hands’ take on it. Six weeks ago, the Terra Firma chief executive, and now proud owner of EMI, was looking at doing another deal.
EMI chief to leave with £3m
Eric Nicoli, EMI chief executive, will leave the company with more than £3m, it emerged on Wednesday, as Terra Firma, the UK private equity group, gave the first indications of its plans once it takes the music company private next month.
Terra Firma wins EMI
Terra Firma on Wednesday sealed its £2.4bn takeover of EMI, ending decades of independence for the music group after securing the required 90 per cent of shareholder acceptance after a nail-biting end to the 10-week saga.
Citi enables Terra Firma to clinch EMI
Terra Firma, the UK private equity group run by Guy Hands, seems set to secure control of EMI, as acceptances continued to come in for its £2.4bn offer amid signs that its bankers will not stand in the way of the deal completing by Wednesday’s deadline.
Terra Firma closes in on EMI
Terra Firma, the UK buy-out firm, looks set this week finally to buy EMI after securing a last-minute extension for its £2.4bn agreed takeover of the music group from the UK Takeover Panel at the weekend.