As EMI World Turns

AS EMI WORLD TURNS: In preparing his plan for EMI’s long-term survival, chief exec Charles Allen has been sending his troops to each of the company’s divisions to find out how to proceed with a reorganization that will not just help the record group pay its $190 million loan covenant to Citigroup, but also move forward for the next 18-24 months as an ongoing entity. Sources say that Terra Firma has the burden of proving that EMI can continue to function two years from now for any of the proposed deals to take place. “There are no sacred cows here,” says the insider. “Everything is on the table.” (4/13p)