Citigroup tried to take control of EMI before Terra Firma, the music group’s private equity owner, launched its legal attack against the bank, say people familiar with the negotiations. The stand-off began with Citi’s proposal in September for a debt-for-equity swap that would have given it a majority of EMI’s equity and Terra Firma, a management fee and share in the upside from restructuring the company. News of Citi’s push for a financial restructuring comes amid speculation that EMI may try to sell assets to lower its debtload.

This entry was posted by Gwen Robinson on Friday, December 18th, 2009 at 5:27 and is featured in The 6am Cut London (18 Dec 2009) . Tagged with citi, emi, terra firma. Edit this entry.