EMI is praying that Santa is generous this season as it stares down a major post-Christmas payment due on £2.7 billion in loans from Citigroup. UK analysts are warning that EMI must generate significant cash by March to meet its obligations, If not, Terra Firma, the private-equity which bought EMI for £2.4 billion and already added £10 million three months ago to avoid default could be forced to inject more funds.
What blockbuster releases are EMI counting on to fill its holiday coffers? A new album from Tom Jones plus a Coldplay release made up of songs that didn't make it on to the band's current album "Viva La Vida".
