Terra Firma and Citi set up mediation talks

The private equity group was originally s set to meet Citi in court on October 18, over its allegations that the bank wrongly induced it to buy EMI.  The mediation talks are understood to be meant to discuss matters pertaining to the lawsuit.

The move comes just after EMI reported a 14% year-on-year rise in EBITDA to £334m, for the financial year ending March 2010. However, profits took a hit from restructuring costs and fair value adjustments, resulting in the company registering a net loss of £512m.

EMI's revenue, cash flow and EBITDA have all been on the rise since Terra Firma backed the company, with revenues reaching £1.65bn in its latest results, a 5% year-on-year rise. According to EMI, growth has been driven by the significant restructuring of the business and the success of a number of commercial and creative initiatives.

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