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Terra Firma-Citibank Talks

TALKING POINTS: EMI owner Guy Hands and Citigroup, headed by chief U.K. banker (and old pal) David Wormsley were believed to be in “frantic negotiations” over the weekend to resolve their dispute over Terra Firma’s acquisition of the troubled music group before it reaches a N.Y. courtroom next Monday (10/18). Supporters of both sides fear a bitter courtroom confrontation could damage the reputation of both men. The talks are said to center on the possibility of either Citigroup writing off some of the debt in EMI in return for a stake in the business or Terra Firma injecting more cash into EMI in return for Citigroup writing off some of the debt. And while the two sides are talking, a source close to the case insists they are still a long way apart. Stay tuned. (10/11p)

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