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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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