Citigroup (NYSE:C) Says Get Hands off EMI, Guy

After an obsessive attempt by Guy hands to retain control of faltering music company EMI, Citigroup (NYSE:C) has taken ownership of the company after Hands' private equity company Terra Firma defaulted on loans.

Citigroup loaned 2.6 billion pounds to Terra Firma to buy out EMI in 2007, which for the most part have already been written off by the giant bank.

Management at EMI were relieved by the ownership change, as EMI CE Roger Faxon said, "The recapitalization of EMI by Citi is an extremely positive step for the company."

"It has given us one of the most robust balance sheets in the industry with a modest level of debt and substantial liquidity. With that solid footing, we are confident in our ability to drive our business forward."

EMI's management will remain in place, said the music company, and will operate totally separate from Hands and Terra Firma.

EMI includes the Beatles, Robbie Williams, Kylie Minogue and Coldplay, among numerous others.

Now the company has had its debt slashed by 65 percent, and has a stronger cash base to operate from.