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# Losses Continue As EMI Pays The Piper
- URL: https://www.hypebot.com/losses-continue-as-emi-pays-the-piper/
- Published: 2009-02-02T06:25:40.000Z
- Updated: 2009-02-02T06:25:40.000Z
- Description: Losses at EMI narrowed to $221 million (155 million pounds) in the last six months compared to $462 million (324 million pounds) in the previous half year. The company achieved. Continue reading [https://www.hypebot.com/hypebot/2009/02/losses-continue-as-emi-pays-the-piper.html]
- Author: Bruce Houghton
- Tags: Major Labels, #wp, #wp-post, #Import 2026-01-21 11:03

[![EMI](http://hypebot.typepad.com/.a/6a00d83451b36c69e20111683b7e18970c-100wi)](http://hypebot.typepad.com/.a/6a00d83451b36c69e20111683b7e18970c-pi?ref=hypebot.com)

  
Losses at EMI narrowed to $221 million (155 million pounds) in the last six months compared to $462 million (324 million pounds) in the previous half year. The company achieved the improved results despite a falling economy in part by **slashing 1500 jobs**.

But **the debt** which new owner Terra Firma took on purchasing EMI is the **major cause of the continuing red ink**. Financing charges in the last half year period were $214 million (150 million pounds). **Interest on the debt** of $3.43 billion ( (2.41 billion pounds) accounted for $178.4 million (125 million pounds) or slightly more than **80% of total losses**. Additional pressure could come from primary lender **CitiGroup** which has troubles of its own, and has shown signs of impatience with EMI's progress in the past.

**Digital revenues were a bright spot** moving up 38% to $145 million (102 million pounds). CD sales declined 8%.