Terra Firma Secures Funds For EMI

Terra Firma Secures Funds For EMI
EMI Group owner Terra Firma has secured investors' approval to raise $156 million to avoid a breach of a major loan covenant with Citigroup, according to a report from The Wall Street Journal. EMI has until May 14 to inform Citigroup it has come up with the cash necessary to stave off default, with payment due by June 12. Terra Firma will face similar loan payments in 2011 and 2012. (5/11)

Live Nation Reports Q1 Loss
Live Nation Entertainment reported a first-quarter $112 million loss, compared with a $103 million loss from the prior-year quarter, and concert attendance declined 3 percent to 6.8 million. While revenue increased 49 percent to $723 million, due primarily to the company's merger with Ticketmaster, Live Nation incurred related merger costs including a $13.4 million artist advance charge and a $19.3 million executive compensation charge. (5/11)
 

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