LONDON (Hypebot) – Terra Firma investors have approved plans for the private equity firm to inject another £300 million ($492M USD) into a struggling EMI as part of a proposed refinancing of the label group’s £2.6bn (4.26B USD) in debt according to the Financial Times. Investor approval was needed because EMI accounts for more than 30% of Terra Firma's entire portfolio.
It's all part of a plan by Terra Firma's Guy Hands to keep the label group afloat. He's said to be working with other investment firms to raise funds with a major high yield bond offering, as WMG did recently. Troubled US bankers Citi are also being asked to discount or refinance its EMI debt; and US financial regulators are rumored to be encouraging Citi to accept a 20-30% to get EMI and other toxic assets off its books.
