EMI in Breach

BREACH OUT, EMI’S THERE: EMI Music has breached its debt covenant with Citigroup after talks for a licensing deal with Universal Music Group collapsed early this morning, according to a report in the U.K. Guardian. Terra Firma must now go to investors in its bid to raise $190 million by the June 12 deadline, which is when Citigroup can seize the company. Under terms of EMI’s “covenant lite” lending agreement, the bank will allow the music company the extra time to make good on its breach. The pressure is now on Guy Hands and new EMI boss Charles Allen to find the funds to prevent that from happening. Sounds like a job for McGruber. (3/31p)

BACK TO RUMOR MILL

		UMG AND TIKTOK WORK IT OUT The kerfuffle is in the past. (5/2a) Check It Out Now LUCIAN SOUNDS OFF ON UMG/TIKTOK DEAL A breakdown from the boss (5/2a) Check It Out Now HITS LIST: HANGIN' OUT With extra relish (5/2a) Check It Out Now TOP 20: IT’S STILL TAYLOR’S WORLD Large and in charge (5/2a) Check It Out Now THE MUSIC OF CLIVE COMES ALIVE AT CARNEGIE HALL That's what friends are for. (5/1a) Check It Out Now
		THE NEW UMG Gosh, we hope there are more press releases. TIKTOK BANNED! Unless the Senate manages to make this whole thing go away, that is. THE NEW HUGE COUNTRY ACT No, not that one. TRUMP'S CAMPAIGN PLAYLIST Now 100% unlicensed!

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EMI in Breach

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