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Terra Firma-Citigroup Mediation

TO THE BARGAINING TABLE:  FT.com has joined Sky News, which broke the story this morning (see item below), in reporting that Terra Firma and Citigroup will go to mediation in N.Y. next month to break the deadlock over Terra's EMI debt. The offer was reportedly made by Guy Hands and accepted by the bank. Hands' firm originally sued Citi last December, alleging fraud over how the bank misrepresented its competition in the auction for the music group. Hearings were set to begin Oct. 18 and will proceed if the mediation fails. “We are still 10,000 miles apart,” a person familiar with the situation said. Any compromise could require concessions from Citi on the value and terms of its 3.04 billion in outstanding loans and from Terra, which would have to sacrifice some of its original equity and offer to inject yet more capital. (8/18p)

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