MUMBAI: On the verge of bankruptcy, EMI Records is reportedly in talks with some music labels to sell off music from its back catalogue. According to news reports, the firm is facing debts of nearly ?1.5bn and may give away rights of music from The Beatles, Pink Floyd and some other prominent artistes
EMI owned private equity group Terra Firma, is trying to put a new business plan as it faces a covenant shortfall on its ?2.6 billion ($3.95 billion) debt.
The group is said to be offering other labels a chance to manage its North American catalog business for a five-year period, which Terra Firma thinks could raise ?400 million ($601 million).
Reports suggests that latest move is to prevent a takeover from its lender Citi.