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EMI Passes Citigroup Test

LONDON (Hypebot) –
EMI has passed an annual financial review by major investor Citigroup according to UK financial web site This Is Money.

"EMI is understood to have passed the year-end test set by its lender Citigroup to meet the terms of its £2.5bn loan. The troubled music company…had to prove that it was sufficiently profitable to pay its debts.

…While the music publishing arm is understood to have passed the test with ease, the recorded music arm is thought to have struggled, but succeeded on the back of strong sales of The Beatles' digitally remastered albums, as well as contemporary artists, including Lily Allen and Katy Perry."

But stay tuned: Owner Terra Firma is suing Citi over the original deal and a major payment by EMI is due the bank in March.