From the New York Post:

Three high-level industry sources familiar with the situation claim EMI needs more money to cover the restructuring costs, which are running higher than anticipated.

Once source said Terra Firma is looking to possibly raise another $60 million for EMI to help pay for the cuts. Multiple sources said raising the money was not going to be a problem for the firm. ...

Terra Firma insiders are attributing the holdup to European labor laws, which require a lengthy review process before pink slips can be handed out.

The cuts are now expected by June, a source said.

Darn red tape.