Terra Firma Looks For More Funding To Repay Loans
February 4, 2010 at 4:26 PM (PT)
TERRA FIRMA needs to raise an additional $160 million so it doesn't default on repay loans it received from CITIGROUP, which helped finance the firm's $4.7 billion acquisition of EMI, DMWMEDIA.COM reports.
The WALL STREET JOURNAL noted that the loan to EMI MUSIC is in greater danger of default than a loan tied to EMI MUSIC PUBLISHING. Thus, the $160 million, if secured, would enable EMI MUSIC to keep current with loan requirements through MARCH 2011.