Monday, August 30, 2010

More misery for EMI

It might take more than the next Robbie Williams record bucking the downward trend and Terra Firma barking up a few more quid to keep the US banks happy: there's a shortfall in EMI's pension pot which could getting on for a quarter of a billion quid.

EMI is hinting that if the UK Pension Regulator makes it keep its promises, it could cause the company to implode.

Sure, things are difficult right now for EMI - although the decision to load the company up with debt it couldn't afford isn't anyone else's fault - but as part of the RIAA, constantly lecturing the public on The Right Thing To Do, how can EMI possibly renege on a promise to the people who made the organisation what it was before Terra Firma took it over?

[Via Hypebot]