Terra investors pledge $159m

THE HANDS OF TIME: As D-Day approaches (see 5/4 item), Terra Firma has secured "verbal commitments" from investors to cover the next loan payment due Citi, but still needs 75% of its 200 investors to approve in a vote, The Times of London reports. Guy Hands has received assurances from investors to commit an additional $159 million to EMI, less than the $190 million figure previously believed to be needed, but reportedly enough to cover the terms of the loan until next spring. That figure falls considerably short of the $546 million Hands had hoped to raise to cover interest payments on the $4.6 billion loan through 2015. If he doesn’t get approval from enough Terra investors, Hands will be forced to seek outside investments—but the May 14 deadline gives him a rapidly closing window in which to pull off the save. If he gets the votes, the company will look to sell its Christian music label and resurrect discussions with other majors about a distribution or licensing deal for the U.S. If he isn’t, it could be bye-bye music biz for him and nervous time for EMI employees. (5/5a)