EMI raises enough cash to fend off foreclosure by Citigroup

EMI raises enough cash to fend off foreclosure

LOS ANGELES — Recording company EMI Group PLC says it has raised enough cash to fend off foreclosure by its main lender, Citigroup.

EMI said Friday that financier Guy Hands’ private equity firm, Terra Firma, intends to invest additional money in EMI so the company can stay in compliance with the terms of its debt.

A person familiar with the matter told The Associated Press that the amount raised was 105 million pounds ($153 million), the exact amount EMI needed to keep current on its debt through next March. The person was not authorized to comment publicly.

Hands’ Terra Firma owns EMI through Maltby Capital Ltd., which bought it for about 2.4 billion pounds in 2007. It owed about 3.8 billion pounds, mainly to Citigroup, in March of last year.