Guy Hands may soon lose control of EMI: report

LONDON Sun Dec 12, 2010 3:08pm GMT

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LONDON (Reuters) - British financier Guy Hands may lose control of music company EMI in the next couple of weeks as talks intensify with Citigroup Inc (C.N) regarding the takeover of the music group, the Sunday Times reported.

Hands has started to tell his backers to expect the worst after losing a courtroom battle with Citigroup last month, it reported.

Citigroup, EMI's main creditor bank, provided 2.6 billion pounds ($4.1 billion) in loans for the acquisition of the music recording and music publishing company and Hands has been fighting to keep the business after breaching the terms on its debt.

Terra Firma, Hands's investment firm, may keep a small stake but will lose operational control, the newspaper said.

(Reporting by Julie Crust; editing by Louise Heavens)


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