by / February 4th, 2010 /

EMI Records loses £1 billion in a year

EMI Records has reported losses of more than £1 billion for the past financial year, casting doubt over its future as it struggles to repay existing loans. According to the London Evening Standard, the company’s private equity owner, Terra Firma, has been forced to demand extra money, at least £105 million, from its investors to meet terms of the deal set by lender Citicorp. If it fails, the US bank could seize control of EMI.

Having bought the record company for £4.2 billion in 2007, it has already had to inject over £100’‰million. EMI’s chief executive Elio Leoni-Sceti is working on a new business plan that will be submitted to Terra Firma investors within weeks.

  • Wow, that’ll hurt. Surely the end for EMI?

    While I find it hard to be sympathetic or suprised, the ripples of this sort of thing will affect lost of the other smaller labels they own have ties with – Mute, Parlophone, Abbey Road etc

  • Conor McCaffrey

    Unlimited edition
    with an unlimited supply
    that was the only reason
    we all had to say goodbye…

  • patrick

    good, fuck ’em

  • Sean

    Shouldn’t have got rid of Supergrass…

  • Conor McCaffrey

    Get Supergrass back — they’d make a billion in six months

  • James W

    This would be seriously bad…. is this due to poor management and/or does piracy have a role to play in this i wonder?
    “Food for thought”

  • “Hmm…

    This will surely affect my inheritance.”

    -Peter Griffin