EMI Crashes £1.75 Billion Into The Red

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By Julia Finch. EMI, the music group behind artists ranging from Pink Floyd to Katy Perry and country and western band Lady Antebellum, crashed £1.75bn into the red last year, according to figures released by the company tonight.

The loss is one of the biggest black holes ever seen in a private equity-backed business and threatens to shred the ­reputation of Guy Hands, the outspoken City financier whose Terra Firma group paid out more than £4bn for EMI just before the credit crunch took hold in the summer of 2007. It could ultimately, push the famous record label into the ­control of US bankers.

EMI Group operates two divisions

This article originally appeared in © Guardian News & Media Ltd..

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