EMI Records, the record label with growing notoriety as “that record label that’s totally fucked,” has gained more money, through its owner, Terra Firma Capital Partners, so that its loan agreement with Citigroup stays all legal and healthy.
Can any of you friendly Terra Firma employess provide us with insider-insight on this development? “Uh, yeah, we totally could, but it would just sound panicked and tense so we’ll stick to ‘no comment.’ No comment.”
How much money is EMI asking for this time? According to reports, it’s somewhere’s around 105 million British pounds, which is 156 million in US dollars! That’s a lot of money to save a sinking ship! Too bad these guys weren’t on the Titanic! Sinking ship or not, Terra Firma was able to secure the funds by begging for the (75%) support of its investors, with fanzine The Wall Street Journal reporting that the necessary approval wasn’t achieved until seconds before the May 10 deadline. But they did indeed get it, and now that Terra Firma has decided to throw more money at the problem, it has until this Friday to let Citigroup know that “Baby! We got your money!” so that it doesn’t have to endure the punishment of LOAN DEFAULT.
Now all it has to do is pay a buttload of cash by June 12. After that, the only thing EMI has to worry about are similar “loan tests” in 2011 and 2012! That and making a bunch of records that sell a trillion copies.