Terra Firma Names Turnaround Ace To EMI Board
February 26, 2010 at 4:33 PM (PT)
TERRA FIRMA has appointed turnaround specialist PETER WILLIAMS to the board of EMI, reports ALTASSETS.COM. The former SELFRIDGES CEO has previously helped put fashion chain NEXT and sports accessories retailer JJB SPORT on the road to recovery.
TERRA FIRMA reportedly needs to raise another £120m (€134.6m) from investors to prevent the label group from defaulting on its covenants next month. At EMI, he is reportedly likely to serve an intermediary between the company and its bank, and scrutinizing the finances of EMI’s music and music publishing divisions.