Terra Firma Capital Partners

  1. Former EMI Owner Terra Firma Seeks Appeal in Lawsuit Against Citigroup

    October 05, 2012 3:09 PM EDT Terra Firma Capital Partners LP has asked a U.S. appeals court for a new trial over its claims that it was deceived by Citigroup Inc. while bidding for EMI Music, according to numerous reports . The case originally went to trial in October 2010. A ...

  2. Morning Fix: Daniel Glass on Mumford & Sons; Microsoft and Rdio; Adele Returns; Jay-Z's New YouTube Channel

    October 05, 2012 8:05 AM EDT Head HERE to subscribe to Billboard's free music-business newsletters JEFF CASTELAZ NAMED PRESIDENT OF ELEKTRA RECORDS: Jeff Castelaz has been named President of Elektra Records, where he will oversee all areas of the label's operation w ...

  3. Business Matters: Universal's Deal for EMI No Longer a Sure Thing, But Still Worthwhile

    September 21, 2012 10:00 PM EDT How much will Universal Music Group miss that pound of flesh the European Commission took when it forced considerable concessions from the world's largest record company in exchange from its approval of a merger with EMI Music? That's th ...

  4. Guy Hands Launches New Lawsuit Against Citigroup Over EMI

    September 08, 2011 2:05 PM EDT Terra Firma chairman Guy Hands has instigated legal proceedings against Citigroup over the way it acquired EMI, according to reports. U.K. newspaper The Guardian claims Hands has applied to the high court requesting information about the condition ...

  5. EMI To Be Sold By Citi As One Unit

    April 12, 2011 7:18 AM EDT 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 Faxo ...

  6. How Citigroup Outfoxed Guy Hands In Its Takeover Of EMI

    February 03, 2011 2:15 PM EST While press reports on Citigroup's takeover of EMI are rife with phrases about how the bank "seized control" (New York Post) in a "surprise move" (Los Angeles Times) that apparently caught Terra Firma chairman Guy Hands of ...

  7. EMI: A Look Back At The Guy Hands Era

    February 02, 2011 6:09 AM EST Citigroup's takeover of EMI finally brings to an end Terra Firma's incredible three-and-a-half year ownership. Purchased for £4 billion ($6.3 billion) in May 2007 at the height of the credit market, EMI turned out to be a disastrous inve ...

  8. Now That Citigroup Has Taken Over EMI, What's Next?

    February 01, 2011 4:26 PM EST Citigroup's earlier-than-expected takeover of EMI Group and its recapitalization of the company's balance sheet effectively presses the fast-forward button on a resolution of the major label group's fate. The bank had been widely ex ...

  9. Citigroup Takes Over EMI

    February 01, 2011 11:36 AM EST Citigroup has acquired EMI Group and has recapitalized the major label group in a debt-for-equity swap, the two sides announced Tuesday. As a result, the company's debt has been reduced by 65% from £3.4 billion to £1.2 billion, and the compan ...

  10. EMI And Warner Music: Destined To Be Together?

    January 28, 2011 10:05 AM EST No matter what happens to EMI or Warner Music Group (WMG), it always seems that speculation about their respective fates is intertwined with that of the other. That was true during the protracted will-they-or-won't-they merger speculation tha ...

  11. Business Matters: Terra Firma To Appeal Citigroup Ruling; WMG's Revenue Forecast Drops; RapidShare Fights For 'Free Speech'

    January 11, 2011 12:00 AM EST Terra Firma To Appeal Technical Aspects of Citigroup Case -- Terra Firma has filed for leave to appeal and will challenge technical aspects of its trial with Citigroup, Private Equity News reported on Tuesday. Terra Firma will not challenge the ve ...

  12. Guys Hands Focuses On 'Next Deal'

    November 19, 2010 12:00 AM EST In his first public comments since losing a lawsuit against Citigroup over the EMI deal, Guy Hands said his buyout firm Terra Firma would have "looked like geniuses" if it had not bought EMI Group in 2007. He was speaking at the Nov. 18 ...

  13. Report: Warner Planning Bid For EMI's Record Company

    November 15, 2010 12:00 AM EST Warner Music is planning a £470 million ($750 million) bid for EMI's recorded music division, according to media reports over the weekend , and may file a proposal with Terra Firma in the next few weeks. This news comes less than two weeks af ...

  14. Business Matters: Terra Firma, Tammy Genovese, Pandora and more

    November 01, 2010 12:00 AM EDT Opinion and analysis of the day's music news. How Much Could Terra Firma Be Awarded In Lawsuit? -- The Wall Street Journal humorously downplays the impact of huge – but reduced – potential damages in Terra Firma’s lawsuit against Citigroup. L ...

  15. Terra Firma's 'Speculative' Testimony Disallowed

    October 29, 2010 12:00 AM EDT Wednesday night turned out to be a costly one for Guy Hands dreams as billions of dollars in potential damages went up in smoke when the theories behind them were disallowed in the lawsuit between Terra Firma and Citigroup. According to press repo ...

  16. Citi Banker In Trial Over EMI Says Truthful To Hands

    October 25, 2010 12:00 AM EDT Citigroup Inc banker David Wormsley, testifying in a civil fraud trial pitting the word of Terra Firma private equity chief Guy Hands against his, said on Monday he was "always truthful and honest as I could be" with Hands. Wormsley wrot ...

  17. Financier Hands Spars With Citi Lawyer In Court

    October 22, 2010 12:00 AM EDT Financier Guy Hands, who accuses a onetime friend at Citigroup Inc of lying to him about bids for EMI music company, sparred in court on Friday under cross-examination about why he did not call the banker to clear the air. Hands, the head of Europ ...

  18. Hands Recalls Banker, Biscuits On Eve of EMI Bid

    October 20, 2010 12:00 AM EDT Chocolate biscuits and a disputed telephone conversation with a Citigroup Inc banker friend -- that is all the detail British buyout house boss Guy Hands said he could remember on Wednesday about a board meeting the day before his ill-fated May 20 ...

  19. No Paper on Key Citigroup Calls, Hands Tells Trial

    October 20, 2010 12:00 AM EDT Terra Firma buyout house chief executive Guy Hands testified on Wednesday he had no paper trail to support his allegations that a Citigroup Inc banker friend lied to him in three May 2007 phone calls about bidding for iconic music company EMI. Ask ...

  20. False Assumption Led To EMI bid, Hands Testifies

    October 19, 2010 12:00 AM EDT Guy Hands bid for storied music company EMI in 2007 based on false statements from a Citigroup banker that there was a rival offer he had to beat, the British financier told a jury on Tuesday. Hands, who founded Terra Firma Capital Partners, took ...

  21. Terra Firma vs. Citi: Trial Opens With Battle of Dueling Timelines

    October 18, 2010 12:00 AM EDT The first day of testimony in Terra Firma's lawsuit against Citigroup began as a battle of dueling timelines. In questioning Terra Firma's Tim Pryce, who is currently CEO for the investment firm but was general counsel at the time of its ...

  22. New York Jury Asked To Identify Lies In EMI Dispute

    October 18, 2010 12:00 AM EDT A New York jury was asked on Monday to decide who may have lied in a dispute over a Citigroup-backed, $6.4 billion buyout of legendary music company EMI by British financier Guy Hands in 2007. The outspoken Hands and his onetime Citigroup banker f ...

  23. Buyout Firm: Citigroup Cheated In EMI Auction

    October 18, 2010 12:00 AM EDT A lawyer for a British private equity firm has told a jury at the start of a civil trial that the firm was tricked by New York bank Citigroup into paying billions of dollars for the struggling music company EMI in 2007. Attorney David Boies said C ...

  24. Terra Firma's Hands in NY Trial Battle vs. Citi

    October 18, 2010 12:00 AM EDT A fraud claim by British financier Guy Hands against Citigroup Inc over his $6.4 billion buyout of legendary music company EMI in 2007 went to trial in New York on Monday (Oct. 18), the two sides apparently unable to settle their dispute out of co ...

  25. Citigroup Faces Trial Over EMI Auction

    September 15, 2010 12:00 AM EDT Terra Firma Capital Partners Ltd can proceed to trial against Citigroup Inc in their dispute over Terra's 2007 acquisition of music group EMI, a federal judge ruled. The buyout house alleges in its lawsuit that Citigroup inflated the price of ...

  26. EMI Dispute Ruling Due Sept. 15

    September 13, 2010 12:00 AM EDT Citigroup Inc and Terra Firma Capital Partners Ltd will know by Sept. 15 whether their dispute over the buyout house's 2007 acquisition of music group EMI will proceed to trial, a U.S. judge said. Lawyers for Citigroup argued in Manhattan fed ...

  27. Terra Firma, Citigroup Clash Ahead Of Court Case

    September 08, 2010 12:00 AM EDT Terra Firma and Citigroup have each filed new court documents ahead of a hearing in New York this week as part of a long-running fraud case brought by EMI Group's private equity owners. In its documents, Terra Firma alleges Citigroup was resp ...

  28. EMI Ups Roger Faxon To Group CEO

    June 18, 2010 12:00 AM EDT Roger Faxon , chairman and chief executive of EMI Music Publishing since 2007, has now been put in charge of the recorded music division, too. EMI announced the appointment today as part of an overhaul of the management structure "to enable t ...

  29. Report: Terra Firma In Talks to Sell Stake in EMI Music Publishing

    May 27, 2010 12:00 AM EDT On Thursday the New York Post reported that Terra Firma is in talks to sell a stake in EMI Music Publishing. One participant in those talks is Kohlberg Kravis Roberts, which would buy a minority stake in EMI’s publishing division and combine the o ...

  30. EMI Notes: Pension Controversy Back, Questions About Citi's Intentions

    May 17, 2010 12:00 AM EDT -- EMI 's pension fund has been a cloud hanging over Terra Firma since the private equity firm acquired the music company. Now, Britain's pension regular is calling on Terra Firma to fill a £250 million gap in funding . Extra payments in ...

  31. Business Matters: Terra Firma, Vivendi, HMV Group and More

    May 14, 2010 12:00 AM EDT -- Reuters reports Terra Firma has given Citigroup a compliance certificate , a notification of its plan to inject additional equity to meet its debt covenant. Terra Firma does not need to hand over the money until June 14. But the specifics on th ...

  32. EMI Confirms Terra Firma Equity Cure

    May 14, 2010 12:00 AM EDT EMI has confirmed that it will receive "additional sums" from Terra Firma and its investors - thought to be £105 million ($153 million) - that will avoid a breach of the major's loan covenant with Citigroup. Maltby Capital, the inve ...

  33. Report: Terra Firma Secures EMI Funds

    May 11, 2010 12:00 AM EDT EMI Group owner Terra Firma Capital Partners has reportedly secured investors' approval to raise £105 million ($156 million), to avoid a breach of the major's loan covenant with Citigroup. Terra Firma needed the support of 75% of its inv ...

  34. Terra Firma To Ask EMI Investors For Much More

    April 20, 2010 12:00 AM EDT Guy Hands' Terra Firma Capital Partners plans to ask investors to put a further £360 million ($555 million) into EMI - three times the amount Terra Firma previously indicated would be needed to make up shortfalls against the loan covenants. A ...

  35. Universal Music Says Not In talks On EMI

    March 23, 2010 12:00 AM EDT Universal Music Group is not holding talks with Terra Firma about a deal for struggling EMI, a UMG spokesman said. Speculation has swirled in recent weeks that private equity owners Terra Firma could look to sell certain EMI assets or break the gr ...

  36. Report: EMI In Licensing Talks To Raise $601 Million

    March 22, 2010 12:00 AM EDT EMI is in talks to allow rival labels to manage its back catalog in order to raise funds and prevent a takeover from its lender, reported the Sunday Times. EMI, owned by Guy Hands' private equity group Terra Firma, is trying to put in place a ...

  37. KKR, Warner Music Eye Break-up Bid For EMI: Report

    March 15, 2010 12:00 AM EDT Private equity firm KKR and Warner Music Group are in talks to launch a break-up bid for Warner's indebted British rival EMI, reported the Sunday Times. The paper said KKR is interested in acquiring the music publishing arm of EMI, which it s ...

  38. Second Lawsuit Filed Over Terra Firma’s EMI Acquisition

    March 05, 2010 12:00 AM EST Citigroup is being sued by Colorado-based Sungate Securities, an investor in Terra Firma, over allegations the bank hid conflicts of interest during the sale of EMI, according to Bloomberg . This is the second lawsuit surrounding Terra Firma’s 4 b ...

  39. Ruling By End March In EMI Deal Dispute

    March 05, 2010 12:00 AM EST A U.S. judge said he would rule by the end of March on whether or not to grant a request by Citigroup Inc to move a lawsuit by Terra Firma Capital Partners Ltd to London in a dispute over the buyout house's acquisition of EMI. Terra Firma cha ...

  40. Report: EMI Brings In Director

    February 26, 2010 12:00 AM EST EMI has appointed Peter Williams to the board of one of its holding companies, as its buyout house Terra Firma tries to sort out the loss-making record label's finances, the Daily Telegraph reported on Friday (Feb. 26). Williams, a former bos ...

  41. EMI Says Wants To Hold On To Abbey Road Studios

    February 22, 2010 12:00 AM EST EMI wants to retain ownership of the Abbey Road recording studios, immortalized by the Beatles album of the same name, though it is talking to other parties about revitalizing the site, the major said. A source familiar with the situation told Reu ...

  42. Owner Proposed Breaking Up EMI Group

    February 15, 2010 12:00 AM EST Terra Firma Capital Partners Ltd chairman and chief executive Guy Hands proposed three months ago to break up music company EMI Group Ltd, court documents filed in New York show. Hands made the proposal in a letter to Chad Leat, head of the altern ...

  43. NYC Pensions Helped Finance Terra Firma's EMI Deal

    February 12, 2010 12:00 AM EST While much attention is set firmly on whether or not Terra Firma's ownership of EMI will be torpedoed by the 2.7 billion pounds ($4.23 billion) it borrowed from Citigroup, the investment firm is not the only institution with funds at risk in ...

  44. Analysis: The Impact of EMI's Too-High Acquisition Price

    February 05, 2010 12:00 AM EST The main takeaway from Thursday's news of EMI's huge loss in its last fiscal year? Don't overpay for an established company in an industry challenged by technological change. As widely reported , EMI had an accounting loss of about ...

  45. EMI Posts Full-Year $2.48 Billion Net Loss

    February 04, 2010 12:00 AM EST EMI Group, at the centre of an acrimonious legal dispute between buyout house Terra Firma and Citigroup (C.N), posted a full-year 1.56 billion pound ($2.48 billion) net loss and said it needed more money to stay afloat. The deal by Guy Hands' ...

  46. Guy Hands Orders New EMI Strategic Plan, Huge Loss Expected

    February 04, 2010 12:00 AM EST Guy Hands has asked EMI Music chief executive Elio Leoni-Sceti to draw up a new plan for the recorded music company, in order to persuade Terra Firma investors to inject a reported £100 million ($158.5 million) of additional investment. The Financ ...

  47. Citigroup Says Not Seeking Buyers For EMI

    December 22, 2009 12:00 AM EST Citigroup said it was not seeking buyers for EMI, whose owners Terra Firma are suing the U.S. bank for billions of dollars in damages relating to its 2007 buyout. The statement came after the Observer newspaper reported on Sunday (Dec. 20) that Ci ...

  48. Report: Citigroup Moved For EMI

    December 18, 2009 12:00 AM EST According to the Financial Times, Citigroup tried to take control of EMI before Terra Firma launched a legal action against the bank. The paper reports that in September Citigroup proposed a debt-for-equity swap that would have given the bank a ma ...

  49. Terra Firma Seeks Investors In EMI: Report

    December 14, 2009 12:00 AM EST British private equity group Terra Firma wants to bring in outside investors to help prop up EMI, which is struggling with £2.6 billion ($4.2 billion) of debt, the Observer newspaper reported. The report said pension funds, insurance companies and ...

  50. Citigroup Sued By Terra Firma Over EMI Deal

    December 14, 2009 12:00 AM EST Private equity firm Terra Firma sued Citigroup Inc, accusing the bank of fraud in connection with Terra Firma's purchase of music business EMI Group in 2007, court documents filed in New York showed. Terra Firma accuses Citigroup of driving u ...

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