Terra Firma holds on to EMI

Terra Firma has confirmed it secured enough additional finding to keep record lable EMI out of the clutches of its debtor Citigroup. The struggling record label looked set to be taken over by the bank after it struggled to keep up payments on its £2.6bn debt pile. Investors stumped up an additional £105m. EMI requires around £360m to service its debt until 2015 but Hands is confident he can raise the rest of the cash later in the year.