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Wednesday, August 18, 2010

Terra-City mediation talks

HANDS ACROSS THE WATER: Guy Hands will hold talks next month with Citigroup in hopes of resolving Terra Firma’s looming debt issue (see items below), Sky News reports. According to people familiar with the situation, lawyers for Terra recently approached Citigroup’s lawyers to request that the lender take part in a mediation process ahead of a potential settlement of the case. If the move is successful, it could prove to be either (A) an important milestone in securing the future of EMI, or (B) the removal of a major impediment to the acquisition of EMI’s recorded music operations by Warner Music or another suitor. The talks will reportedly be overseen by an independent third party in New York. (8/18a)

 
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