EMI pension in £200m talks with Citi
The US bank Citi has started talks with EMI's pension trustees to put cash into the scheme, which could cost it up to £200m.
Although Citi has agreed to sell EMI's recorded music and publishing divisions, the bank had to take on the pension liabilities.
According to EMI's most recent results, the deficit is £125m. In 2010, while owned by Guy Hands' Terra Firma, it agreed to fund the scheme to the tune of £197m over six years.
Citi lent Mr Hands the bulk of the money for his 2007 purchase of EMI, known for artists such as The Beatles and Kylie Minogue, and subsequently took control in the aftermath of a bitter legal battle.
The trustees are running a valuation of the fund's assets and liabilities – nearly £1bn and more than £1.1bn respectively – as the existing deal must be replaced. A source close to Citi warned it would provide no more than £200m, and that a figure closer to the reported deficit was possible.
Newcastle winger reveals he has testicular cancer - and is losing his trademark long hair as a result
Actors star in Woody Allen's 'Magic in the Moonlight'
Human faces unique 'because we don't recognise each other by smell'
Man's attempt to avoid being impounded heavily criticised
- 1 Scottish independence: Ireland since 1919 is a lesson for Scotland in what a Yes vote means
- 2 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 3 Say yes to 'no-poo': It's been three years since I stopped washing my hair
- 4 Grandmas keep accidentally tagging themselves as Grandmaster Flash on Facebook
- 5 Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Sports Direct security guard allegedly banned Jewish schoolboys and told them: 'No Jews, no Jews'
Jennifer Lawrence and Kate Upton nude pictures exhibition cancelled after artist concedes photos were 'stolen property'
Scottish independence referendum: A nation divided against itself
John Travolta addresses former pilot's gay romance allegations publicly for the first time: 'That was the lowest I'd ever felt'
Richard III: Two years after his body was found scientists discover how he died
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
£20000 - £25000 per annum + OTE £35,000 first year: SThree: The SThree group i...
£20 - 24k (Uncapped Commission - £35k Year 1 OTE): Guru Careers: We are seekin...
£20 - 24k + Benefits: Guru Careers: This is a great opportunity for an enthusi...