EMI Taken Over By Citigroup in Deal to Write Off Debts
Date: Wednesday, February 02, 2011 @ 16:40:10 UTC

US banking giant Citigroup has taken over the ownership of EMI, the music company where it was the major creditor. The bank had loaned money to Guy Hands' private equity firm Terra Firma to help it to buy the business in 2007. But the takeover was a failure, with Terra Firma believing it massively overpaid for the company. Now it has been forced to hand EMI over to Citi after not being able to keep up interest payments on the loans. Complete Article

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