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01 Feb 2011
MUSIC BUSINESS EMI has been sold to Citigroup in a pre-pack administration.
PwC partners Tony Lomas and Peter Spratt were appointed administrators by EMI's holding company Maltby Investments Limited (MIL) and sold the business to Citigroup today for an undisclosed sum.
Further reading
Citigroup has 100% of the share capital and reduced the debt at the music business to £1.2bn from £3.4bn. EMI will also have £300m of cash available.
Peter Spratt, joint administrator and partner at PwC, said: "As a result of a default under MIL's loan facilities, and the subsequent acceleration of the outstanding debt, Tony Lomas and I were appointed as administrators.
"This transaction has enabled ownership of the EMI Group to transfer without any disruption. We feel that this represents the best outcome for the EMI Group, its employees, artists and suppliers."
EMI is the home to chart topping acts such as Katy Perry (pictured), Coldplay, Nick Cave and Snoop Dogg.
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