EMI Staves Off Creditors – For Now

Posted by on May 12, 2010

It’s awesome to be able to report good news every now and then. We reported earlier this week that Terra Firma, the investor group that owns label group EMI, needed to pay creditors $156 million by this Friday to stop the label from changing ownership to Citigroup. It turns out that they were able to come through with the funds, according to the Wall Street Journal. EMI plans on making the payment in mid June. While this is encouraging, and a good sign, that doesn’t mean that they’re totally out of the woods yet. They’ve got until March 2011 to turn the entire company around. And there’s also word that perpetual money machine Queen may be exiting the label and taking their catalog with them. While that remains to be seen, it’s good to see that EMI, which includes Virgin and Capitol Records, will live to see another day.

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Categorised in: Label Moves