Terra Firma Back On Solid Ground
Terra Firma has had some good news; despite the extremely sour grapes evidenced by their lawsuit against Citigroup for misrepresenting the level of auction interest in purchasing EMI, they’ve managed to pass both EMI and EMI’s publishing arm through the financial hoops that Citibank has imposed on them to meet the terms of the loan agreement that Terra took out to fund the purchase of the embattled record label in the first place.
However bleak last year’s SEC filings made EMI’s financial outlook seem, they are still obviously able to keep up their interest payments, although I’d suspect that their management won’t be enjoying the kind of bonus package that was delivered to WMG’s top dogs this Christmas.
