Is Guy Hands of private equity company Terra Firma, Tone Deaf’s favourite greedy owner of dud record label EMI, going to manage to hold on to the investment he paid too much for? London’s The Times suggests that he has a verbal commitment from investors to chip in a lazy £105 million which will keep it from falling into the hands of bankers CitiGroup, but only for a short while. It’ll give him another year’s breathing space but he still has to get investors to approve this loan repayment.
It’s not as much as he was hoping to get last week to keep CitiGroup at bay until 2015, but it gives him some time to figure out how he’s going to dispose of assets in what will effectively be a fire sale to raise some more cash. He needs this cash to pay off more interest on the loan he has from CitiGroup as the value of the record label keeps plummeting.
