Hands appeals against Citi ruling
Terra Firma CIO Guy Hands has appealed against the US court ruling that cleared Citigroup of all charges in the EMI case, according to reports.
Hands claims that Citigroup tricked Terra Firma into the deal by saying there was a rival bidder. This was declared not to be the case by a New York jury in November 2010.
The £4.2bn buyout of EMI in May 2004 saw Terra Firma inject £1.75bn of equity. After running into financial difficulties, the company is in danger of breaching the terms of the Citigroup loan. Unless Terra Firma injects fresh equity to meet the terms of the loan, the bank is likely to acquire EMI through a debt-for-equity swap.
It is believed that the appeal process will take about 18 months.
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