EMI talks rescue homeowners from £ billion
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A number of investment banks have prepare potential packages refinancing in the hope that this will lead to a settlement with Citigroup in recent weeks.
Terra Firma and investment bank Citigroup are set to begin their confrontation of the courtroom tomorrow in New York on the acquisition of 4 ￡ 5.3 musique.Les talks refinancing EMI society come in the colonization of conversations with advisors.
An idea is that Citi accept to expunge debt due by Terra Firma and with the help of investors such as Pension Plan (CPP), Terra Firma to inject more cash in the business.
Sources said last night that the PRC has always been "EMI pro".Cependant, he has gained a reputation more recently to play hard with capital companies.
Canadian pension funds, which are flush with money, have recently been in the spotlight at major UK investments.In March, operator of the National Lottery Camelot was sold to Canadian teachers for 389 million pension fund of ￡.
There is a small possibility a legal case settlement could come for the weekend, but sources said that a resolution could also be achieved once the case is ongoing.
Another possibility of regulations which has been discussed - to encourage the Citi to take a discount on its debt - is a breakdown of the EMI, with possibly Bertelsmann and KKR buy EMI Music Publishing.
Citi can deregister a slice of the debt of Terra Firma and take a stake in EMI was also threat brandie.Cependant, sources said Citi is unlikely to want a stake in EMI unless it can be some obvious output.
News on refinancing comes as EMI, music group among the whose artists Lily Allen and Robbie Williams, has taken steps to plug his hole pension agreeing to provide 197 m ￡ additional funding.
There were refinancing announcement is linked to future refinancing or bursting spéculation.Cependant, EMI EMI sources said that the time was just a "coincidence".
A source close to the legal procedure said that Citigroup has chosen to be heard pursuant to the British, in spite of heard Bill before a court in New York, damage could prove costly, citing cost figures and compensation of up to ￡ 28bn.
Source stated that, in accordance with UK law, the damage could emerge at ￡ represents, which consists in the. 75bn ￡ 1 in order to compensate for the amount that Citigroup has invested in the IME, more loss of profits when comparing the average profits from other investments Terra Firma in a period of three years.
However, the source also said that punitive damages may also be granted, which may be as much as three times, on top of the original damage, leading to a total of ￡ 28bn.
Other sources, however, said that a figure as high as ￡ 28bn is unlikely, although it is technically possible.
It appeared in August in Maltby, capital accounts holding company of the Group of music, EMI may be more than 115 million pension fund deficit of ￡ and perhaps over 200 million from ￡.
A multi-year plan payment has been agreed between the Group and trustee of the Fund to 197 m ￡ in additional funds, including immediate payment of 16 million from ￡ .the final payment under the scheme will be in April 2016.
