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UPDATE: EMI May Need A Lot More $'s To Keep Going

LONDON (Hypebot) – EMI and Guy Hands will reportedly ask weary Terra Firm investors for three times what it initially sought to help EMI from defaulting on its loan obligations, unnamed sources told Bloomberg News.

$551 million is now believed to be needed before mid-June to help EMI meet its debt obligations to lender Citigroup thru 2015. The new figure appears to reflect the growing reality that no major label group is stepping up to offer a hoped for cash infusion in exchange for a license of EMI's extensive catalog