Guy Hands will have to ask investors in his Terra Firma private equity group to inject another £100m after admitting that EMI’s recorded music business will not be able to meet the terms of loans from Citigroup this year. The accounts show that EMI Music will fall far short of critical covenants on its debt when these are tested later this year, and could suffer more shortfalls next year. Hands paid £4.2bn for EMI just before debt markets collapsed.

This entry was posted by Gwen Robinson on Thursday, February 4th, 2010 at 5:43 and is featured in The 6am Cut London (4 Feb 2010) . Tagged with citi, emi, guy hands, terra firma. Edit this entry.