[78-L] FW: EMI Label Group Has Just 90 Days To Find A Miracle

[Thomas Stern]

Label Group Has Just 90 Days To Find A MiracleBelow message from Jazz Promo
Services -
Anyone know of any efforts to save the EMI archives?
It would be interesting if EMI is dissolved and their treasures were
given to archives, such as the British Library Sound Archive.
How does Capitol fit into the ownership and insolvency picture?
Thanks, Thomas.

-----Original Message-----
From: Jazz Promo Services [mailto:jazzpromo at earthlink.net]
Sent: Wednesday, April 21, 2010 3:05 PM
To: Jazz Promo Services
Subject: Label Group Has Just 90 Days To Find A Miracle


*From Hypobot.com:* *Label Group Has Just 90 Days To Find A Miracle*

 A 90 day clock began ticking for EMI late yesterday when talks to license
catalog to Universal or Sony ended, according to sources. Price was
reportedly the primary reason that discussions ended, but a concerned
creditor who is owed $2.5 billion and at least one pending lawsuit certainly
didn't help.

Failure to make the deal, means that EMI will fail its solvency test and
miss a major loan payment to Citi. EMI and owner Terra Firma now have 90
days to find an injection of cash as well as to develop a viable plan to
move forward.

Inside EMI, staffers are
bitter<http://www.hypebot.com/hypebot/2010/03/emi-staffers-update-resumes-as
-rumors-swirl.html>that
their efforts to improve the company's position will have little
effect
on the outcome. "We're being punished for past excesses in both the record
and the financial industries," an EMI veteran
told<http://www.hypebot.com/hypebot/2010/03/emi-staffers-update-resumes-as-r
umors-swirl.html>Hypebot.