FUTURE OF EMI

After several speculations about the future of EMI in the press beginning this month, on May 14th the company reacted in short statement that their main shareholder intends to invest additional sums in EMI.

"EMI is pleased to confirm that Maltby Investments Ltd (“MIL”), its parent company, has today received confirmation from Terra Firma, its shareholder, that it intends to invest additional sums in EMI to enable the business to maintain compliance with its banking covenants. MIL further announces that it has informed Citigroup, its principal lender, about the receipt of this confirmation. It is expected that this process will be completed by no later than 14th June."

Charles Allen, Executive Chairman of EMI Music, commented: “We are very pleased to have received this confirmation of an additional investment, which is a vote of confidence in EMI from Terra Firma and its investors, following the significant improvement in the company’s operating performance.”