Music GroupsEMI Loans Caught Up In Credit Crunch
Citigroup has canceled plans to sell its EMI debt. The bank had lent about $4.9 billion to finance Terra Firma's acquisition of EMI and was planning to sell the debt to third parties. Risky debt is hardly popular these days. Citigroup will keep EMI's debt and sell off $12 billion of loans to the buyout firms.
From the Wall Street Journal: "Citigroup worried that such uncertainty would add to the squeamishness of the already-jittery debt investors it is trying to lure."
