The EMI Trust holds the paper archives, old machines and other treasures
in comfortable modern building in the midst of an industrial wasteland
in Hayes. As for the metal parts and tapes, they would be part of any
sale if Terra Firma can't convince its investors or lenders to keep the
outfit going a while longer while management plans for even more cuts.
Thomas Stern wrote:
> 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:[log in to unmask]]
> 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
> their efforts to improve the company's position will have little
> on the outcome. "We're being punished for past excesses in both the record
> and the financial industries," an EMI veteran