Thursday, July 30, 2009

EMI gets the chance to burn through more cash

The FT is reporting that investors in EMI have agreed to Guy Hands' injection of £300million into the group:

Mr Hands is understood to be working with Barclays, JPMorgan and Morgan Stanley on a plan to raise £200m-£280m from a high-yield bond issue that could repay some of the debt EMI owes to Citigroup.

Repaying debt with more debt. All very inventive.

Perhaps they should just stick to mucking about with financial instruments and forget the whole making records thing? They seem much better at the one than the other.