0 Comments | Inland Valley Daily Bulletin, May 14, 2010 | by Anonymous
British recording company EMI Group PLC said Friday it has raised enough cash to fend off foreclosure by its main lender, Citigroup. EMI, home of the Beatles, Lily Allen and Norah Jones, said that financier Guy Hands’ private equity firm, Terra Firma, intends to invest additional money in EMI so the company can stay in compliance with the terms of its debt. EMI Music executive chairman Charles Allen said in a statement that the commitment was “a vote of confidence in EMI from Terra Firma and its investors.” Two people familiar with the matter told The Associated Press that the amount raised was about $153million, the sum EMI needed to stave off default through next March. The people were not authorized to comment publicly and spoke on condition of anonymity.
Stocks tumbled for a second day after concerns grew that the deep spending cuts under Europe’s bailout plan will slow a global recovery. The euro dropped to a 19- month low Friday, and European stock markets fell more than 3 percent, pulling U.S. stocks lower. Investors seeking safety are piling into Treasurys and gold, which hit another record. The Dow Jones industrials are ending down 162 at 10,621 after falling nearly 246
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