Financial Times FT.com

Terra Firma injects more cash into EMI

By Martin Arnold in London and Andrew Edgecliffe-Johnson in New York

Published: May 28 2009 23:05 | Last updated: May 28 2009 23:05

Terra Firma has been forced to inject more cash into EMI for the second time in six months, after the debt-laden UK music group behind the Beastie Boys and Depeche Mode missed targets imposed in its banking covenants.

Guy Hands’ private equity group injected £28m into EMI in March, according to a person familiar with the situation. The move signals that results for the six months to March 31 failed to live up to conditions in the £2.6bn in loans Citigroup extended to finance the £4bn EMI takeover in 2007.

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