Terra Firma Comes Up With Cash

TERRA GETS FIRMA: Terra Firma's embattled Guy Hands has apparently succeeded in his quest to raise 105 million pounds ($156 million) to stave off a bank foreclosure on EMI Group, giving the private-equity firm leverage in its battle with lender Citigroup over the fate of the music company. EMI had until Friday (5/14) to inform the lender that it has come up with the cash necessary to avoid a mid-June default. The private equity firm which owns the music company had to come up with the necessary funds to keep Citigroup from foreclosing after the music company breached terms of its loan. The current plan gives Hands a year's breathing room to figure out his next plan, as Terra Firma's covenants come due over the next two years. (5/11a)