Citigroup gets its hands on EMI
News: 2nd February 2011 by Louise Dodgson under Record Labels
With a whopping debt of £2 billion hanging over them, Terra Firma have been forced to hand over control of record label EMI to the company who has been loaning them much needed cash, Citigroup. After failing to meet interest payments on loans taken out with Citigroup to allow them to buy EMI in the first place back in 2007, Terra Firma were left with no other option but to pass the company over. During Terra Firma's reign some of the record company's best-known artists left the label including Radiohead, Joss Stone and The Rolling Stones.
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