– Private equity firm Terra Firma has secured $156 million in new financing to
make a loan payment to Citigroup and avoid a takeover of major record label
EMI, The Wall Street Journal reported.
The Guy Hands-led private equity firm
had until Friday to secure the new funds to repay Citigroup, which financed its
$4.8 billion acquisition of the label in 2007.
The new funds are expected to take
EMI through until the end of March 2011.
(DMW previous coverage)