WaTunes: The Clock Is Ticking For EMI

April 3, 2010 at 12:13 am Leave a comment

Source: Hypebot

Label Group Has Just 90 Days To Find A Miracle

image from sanctumla.comA 90 day clock began ticking for EMI late yesterday when talks to license catalog to Universal or Sony ended, according to sources. Price was reportedly the primary reason that discussions ended, but a concerned creditor who is owed $2.5 billion and at least one pending lawsuit certainly didn't help.

Failure to make the deal, means that EMI will fail its solvency test and miss a major loan payment to Citi. EMI and owner Terra Firma now have 90 days to find an injection of cash as well as to develop a viable plan to move forward. 

Inside EMI, staffers are bitter that their efforts to improve the company's position will have little effect on the outcome. "We're being punished for past excesses in both the record and the financial industries," an EMI veteran told Hypebot.

Posted via email from WaTunes

Advertisements

Entry filed under: Uncategorized.

WaTunes: EMI In Last Minute Talks With Universal WaTunes: Justin Bieber fever: Careful, it’s catching

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed