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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/citigroup-takes-control-of-emi.jpg"><img class="alignnone size-full" title="nvestment bank Citigroup has seized control of record label EMI from beleaguered financier Guy Hands" src="http://londonglossy.com/wp-content/uploads/2011/02/min-citigroup-takes-control-of-emi.jpg" alt="nvestment bank Citigroup has seized control of record label EMI from beleaguered financier Guy Hands"/></a></p>
<p>Investment bank Citigroup has seized control of record label EMI from beleaguered financier Guy Hands, it has been announced.</p>
<p>EMI &#8211; home to artists including Lily Allen and Robbie Williams &#8211; has seen its debt reduced from £3.4 billion to £1.2 billion under terms of the deal.</p>
<p>The music group had been bought by Mr Hands&#8217;s private equity firm Terra Firma in 2007, with the buy-out group borrowing billions of pounds from Citi to finance the ill-fated takeover.</p>
<p>Terra Firma&#8217;s £4.2 billion takeover of EMI is seen as being one of the worst-timed deals of the credit bubble, coming just before the crisis struck.</p>
<p>The deal left EMI, already struggling in a declining music market, saddled with crippling repayments on its £3 billion debt.</p>
<p>Mr Hands tried to sue Citi for up to £7 billion after accusing the bank of pretending that other bidders were interested to bump up the price, but lost the case.</p>
<p>Citigroup claimed Terra Firma&#8217;s legal action was only brought in an attempt to reduce the debt it owes the bank following the acquisition.</p>
<p>EMI chief executive Roger Faxon said: &#8220;The recapitalisation of EMI by Citi is an extremely positive step for the company. With that solid footing, we are confident in our ability to drive our business forward.</p>
<p>&#8220;We have a clear vision for the future, a strong and committed management team, and now the right capital and financial structure in place to deliver successful outcomes for artists and songwriters.&#8221;</p>
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