LONDON (Hypebot) –
Financial statements released earlier this month by EMI pointed to a turnaround for the major label group. The company admitted to being hit by an industry-wide 10% sales downturn, but pointed to cost cutting and a few successful releases as proof of its health.
Now just 3 week's later, EMI owners Terra Firma Capital has been forced to put in an additional £28 million ($45 million) to help the company avoid defaulting on a multi-billion dollar loan from Citigroup, sources told the Wall Street Journal. Adding to fears, the chief financial officer of EMI's music division has chosen to leave the company.