WSJ: Terra Firma Raises EMI Funds

LONDON (Reuters) – Terra Firma Capital Partners has successfully raised 105 million pounds ($155.4 million) to stave off a bank foreclosure on British music group EMI, the Wall Street Journal reported on Tuesday.

The newspaper, which quoted people familiar with the situation, said EMI had until Friday to inform lender Citigroup (C.N) that it had come up with the cash needed to stave off default in mid-June.

In April, a source familiar with the matter told Reuters that Terra Firma, controlled by Guy Hands, was asking investors for 360 million pounds to help see EMI through covenant tests until 2015.

Terra Firma could not be immediately reached for comment.

(Reporting by Quentin Webb)