Citibank will break up the label and sell it to whatever bidders can be found in a slumped market.
One of its bonus-bearing suits said: “This is a positive development for EMI, its employees, artists, songwriters and suppliers…”
Guy Hands has lost much of his personal fortune. Terra Firma is shaken.
Britain has lost its last powerhouse record label.
Moral of the story: the bank always wins.
Hands down: photo: telegraph.co.uk
EMI chief executive Roger Faxon said: “The recapitalisation of EMI by Citi is an extremely positive step for the company. With that solid footing, we are confident in our ability to drive our business forward.’