[JPL] Fwd: The Clock Is Ticking For EMI

Nou Dadoun nou.dadoun at gmail.com
Wed Apr 21 14:54:09 EDT 2010


 Just received this on another list:
*From Hypobot.com:* *Label Group Has Just 90 Days To Find A Miracle*

 A 90 day clock began ticking for EMI late yesterday when talks to license
catalog to Universal or Sony ended, according to sources. Price was
reportedly the primary reason that discussions ended, but a concerned
creditor who is owed $2.5 billion and at least one pending lawsuit certainly
didn't help.

Failure to make the deal, means that EMI will fail its solvency test and
miss a major loan payment to Citi. EMI and owner Terra Firma now have 90
days to find an injection of cash as well as to develop a viable plan to
move forward.

Inside EMI, staffers are
bitter<http://www.hypebot.com/hypebot/2010/03/emi-staffers-update-resumes-as-rumors-swirl.html>that
their efforts to improve the company's position will have little
effect
on the outcome. "We're being punished for past excesses in both the record
and the financial industries," an EMI veteran
told<http://www.hypebot.com/hypebot/2010/03/emi-staffers-update-resumes-as-rumors-swirl.html>Hypebot.

 --
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Nou Dadoun
The A-Trane on the air since 1986 | CFRO 102.7 FM, Vancouver BC
Fri 2:30-5:30 pm PST | http://www.coopradio.org/stream.html


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