The UK’s Telegraph reports: The private equity vehicle run by city financier Guy Hands is fighting to meet financial targets set by Citigroup in a bid to avoid a fractious showdown with the bank that lent it £2.5bn to fund the EMI buyout.
Hands’ Terra Firma Capital Partners originally signed up to tough financial targets for the year to June, but The Sunday Telegraph can reveal it has re-negotiated some of the terms to give itself three extra months to turn EMI around.
Managers have now been told that EMI’s under-pressure recorded music division, whose roster of artists includes Coldplay and Kylie Minogue, must generate underlying earnings of £180m by September to meet key targets set by Citigroup. Read more from the Telegraph.
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