Guy Hands may soon lose control of EMI-paper

LONDON, Dec 12 (BestGrowthStock) – British financier Guy Hands may
lose control of music company EMI in the next couple of weeks as
talks intensify with Citigroup Inc (C.N: ) regarding the takeover
of the music group, the Sunday Times reported.

Hands has started to tell his backers to expect the worst
after losing a courtroom battle with Citigroup last month, it
reported.

Citigroup, EMI’s main creditor bank, provided 2.6 billion
pounds in loans for the acquisition of the music recording and
music publishing company and Hands has been fighting to keep the
business after breaching the terms on its debt. [ID:nN04110484]

Terra Firma, Hands’s investment firm, may keep a small stake
but will lose operational control, the newspaper said.
(Reporting by Julie Crust; editing by Louise Heavens)

Guy Hands may soon lose control of EMI-paper