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Hands Billion Pounds of Debt

BROTHER, CAN YOU SPARE A BEELION?: EMI is carrying almost 1 billion more in debt than Terra Firma believes the music company is worth, according to an article by The Deal’s Richard Morgan. Morgan refers to a letter penned last November by Guy Hands to a Citigroup exec about a proposed restructuring. The missive values the Music Publishing company at 1,462m (11.3 times EBITDA) and Recorded Music at 771m (or five times EBITDA) for a combined total of 2,233m (or 7.9 times combined EBITDA), which  is 929 million less than 3,162 million of debt EMI is carrying, according to the figure The Deal quoted from Maltby Capital’s latest report. There was some good news for Hands and company, though, as a federal court refused to dismiss Terra Firma’s case against Citigroup, and ruled the trial could take place in N.Y. rather than the U.K. See related HITS story here. (3/24p)

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