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Terra Firma chief Guy Hands is now requesting a cool 360 million pounds ($553.7 million) from investors, at least according to the latest from Bloomberg. The amount would potentially keep the wolves at bay until 2015, and avoid relinquishing the property to lender Citigroup. Terra Firma is currently tussling through a contentious lawsuit with the mega-bank, and breached covenants could quickly lead to seizure and subsequent sell-offs of various EMI units.
True? The one-source story is hardly confirmed, though if valid, the question is whether investors will bite. The request is three-times the most recent ask, and the sinkholing EMI is hardly a bonanza bet. In fact, most investors have lost massive amounts on this once-glamorous opportunity.
Meanwhile, EMI is busy recalibrating its cost-cutting and financial models to ensure survival, a plan expected to result in more job cuts ahead. A near-term divestiture of EMI Music Japan may also be in the works, yet another desperate consideration.
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