GUY'S HANDS ARE STILL OUT

Guy Hands refuses to hand EMI Music over to his creditors.

U.K. buyout firm Terra Firma wants to appeal the U.S. court decision in favor of Citigroup over its $6.2 billion (4 billion pound) purchase of the venerable music company.

Citigroup provided $4.05 billion (2.6 billion pounds) of debt for the 2007 buyout of EMI, a deal that came to symbolize the risks of loading companies with debt when the company's performance slumped.

"Boies, Schiller and Flexner, on behalf of Terra Firma, filed a notice of appeal in the litigation against Citigroup. The appeal will challenge legal rulings made by the court in the litigation," Terra Firma said in an emailed statement.

Terra Firma lodged a lawsuit against Citigroup at the end of 2009, claiming it was duped into overpaying for the music business. Citigroup rejected the claims.

After a high profile, three-week court case in New York that pitted Terra Firma founder Guy Hands against his old pal, Citigroup’s European banker David Wormsley, the jury found in favor of the latter in November.

"Terra Firma remains committed to working on a resolution for EMI that will benefit all parties involved," Terra Firma said in the statement.

Terra Firma filed notice of appeal with the United States Court of Appeals for the Second Circuit yesterday.