February 8, 2010 /EIN PRESSWIRE/ The debt-laden recording industry megalabel EMI is looking to slash its workforce in order to attract more than 120 million GBP in capital, according to EMI CEO Elio Leoni-Sceti.
Those cuts could include up to 3,500 job loses and the dissolution of contracts with loss-generating artists. The Mail Online reports that without the 120 million GBP in fresh capital, Citigroup would foreclose on a loan to investment group Terra Firma and take control of the company.
EMI’s auditor, KPMG, has expressed significant doubt about EMI’s ability to move forward.
Read more about EMI’s troubles at Music Industry Today:
Latest EMI news – http://music.einnews.com/news/emi
Located at http://music.einnews.com, Music Industry Today is a service of EIN News, an industry leader in news monitoring for business professionals and analysts. Using a combination of proprietary search technology and human editing, EIN News delivers to its members the latest music news from around the world, saving them valuable time they’d spend searching for information. New users to Music Industry Today can enjoy a no-obligation, one-week free trial.
About EIN Presswire
The EIN Presswire press release distribution service is a news-syndication solution that distributes news to more than 10 million visitors annually at EIN News and millions more through its press release distribution partners. A news source for leading journalists, decision-makers and industry professionals worldwide, EIN Presswire targets press releases to a wide array of worldwide business professionals in more than 80 different industries. EIN Presswire also offers affiliate network opportunities and news distribution to tens of thousands of news subscribers daily. Read the newest business news at http://www.einpresswire.com and the latest world news in more than 80 different industries at http://www.einnews.com.
