- FACT: CitiBank holds the bulk of EMI's £2.5BN debt
- FACT: EMI owner Terra Firma wants a $500 million write-off from Citi before it pumps another £300 million in much needed cash into the label group.
- FACT: With quarterly reports due soon, Citi is expected to show itself to be in the weakest position of all major banks causing tighter scrutiny by regulators.
Can a troubled bank under tight federal control (the U.S. government already owns more than 30%) just write of $500 million? Can it afford not to?