WaTunes: Guys Hands Wants To Break Up EMI
Court documents filed on Friday by EMI lender Citi reveal that financer Guy Hands has been advocating for the separation of EMI's struggling recorded music group from its more lucrative publishing arm for more than three months.
Citigroup made the court filings as part of a legal battle with Hands' private-equity group Terra Firma, and they include a letter on Nov. 5th to bank exec Chad Leat proposing the separation and recapitalization of the two divisions. While Citi has thus far rejected the idea, the letter points to one potential outcome as EMI struggles to find a profitable path forward and make a looming March loan payment.
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