Label EMI On The Verge Of Going Under
And the plot thickens. Label power house EMI which has artist’s such as artist such as Ice Cupe,empire under the sun,J Holiday,Lenny Kravitz and many more Is having financial woes that may force the bank who invested into the label to take it over.
Accountants examining EMI’s books as part of a dispute between the label group, it’s investment firm owner Terra Firma, and lender CitiGroup are expected to reveal that the company is $2.23 billion in the red,
The red ink would put EMI in default of the terms of its massive $4.5 billion debt to Citi which is struggling under its own losses. To make matters worse, a $160 million loan payment is due on March 31st; and if that is missed, the bank may be forced to take control of the struggling company.
EMI’s board is said to be working feverishly on financing proposals to be presented to Terra Firma’s investors. But at least 75% of them will have to vote in favor of putting up the extra cash. If not, there may be three majors left standing instead of four.
Side Note: Could this be another one bites the dust? Take a look at their entire artist roster which is pretty extensive I might add and you tell me how this happened?
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