Headlines

April 14, 2008

EMI layoffs delayed until June as Terra Firma seeks more cash...

The Daily Swarm | Read Full Story >

NY Post:

Dead men are still walking at music giant EMI.

Almost four months after Terra Firma boss Guy Hands announced plans to lay off as many as 2,000 staffers worldwide at the troubled major label, he has yet to pull the trigger on the bulk of the cuts.

Three high-level industry sources familiar with the situation claim EMI needs more money to cover the restructuring costs, which are running higher than anticipated.

Once source said Terra Firma is looking to possibly raise another $60 million for EMI to help pay for the cuts. Multiple sources said raising the money was not going to be a problem for the firm.

A source close to Terra Firma vehemently denied the allegations, noting the firm just raised an additional $500 million in new EMI equity in January. The insider maintained there are no money problems associated with the music investment.

EARLIER:

Citigroup in hot water over EMI loans…

EMI hires top Google engineer to lead digital strategy…

EMI confirms 2000 job cuts…Guy Hands says ‘EMI pays £25m a year to scrap unsold CDs’


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