Nick Gatfield, Former EMI Exec, Calls Working Under Guy Hands' Regime 'Uncomfortable'
Nick Gatfield, Former EMI Exec, Calls Working Under Guy Hands' Regime 'Uncomfortable'

Citigroup (C.N), which got control of the world's fourth-largest record company EMI from British financier Guy Hands in February, plans to sell the company as a whole, the New York Post reported, citing sources.

EMI Chief Executive Roger Faxon has been arguing for months that a breakup would hurt the UK-based label, the Post added.

In February, the bank cut EMI's debt by 65 percent from 3.4 billion pounds ($5.47 billion) to 1.2 billion pounds through a debt-for-equity swap. The label had been suffocating under a burden of debt borrowed from the U.S. bank in a 2007 leveraged buyout by Guy Hands' Terra Firma. [ID:nLDE71023X]

Both Citi and EMI were not immediately available for comment outside regular U.S. business hours.

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