LONDON (CelebrityAccess MediaWire) — Terra Firma has been weighing the utility of selling a minority stake in EMI's music publishing division as a strategy to raise cash to stave off defaulting on it's outstanding debt.
According to the Financial Times, a source close to the matter has indicated that Terra Firma has received several approaches to acquire as much as a 49% stake in EMI's publishing house.
The source indicated to the Financial Times that one such approach was made by a joint venture between private equity group KKR and BMG Music, but this had been denied by another unnamed source close to KKR/BMG.
Terra Firma had been facing an EMI default on a loan covenant with Citigroup as early June 14th, but managed to scare up £105 million from investors to cover shortfalls until March, 2011. – CelebrityAccess Staff Writers