Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, January 11, 2011

Terra Firma seeks to appeal EMI court ruling, (NYSE: C)

Buyout firm Terra Firma [TERA.UL] wants to appeal the U.S. court decision that dashed its hopes for compensation from Citigroup (C.N) over its 4 billion pound ($6.2 billion) purchase of music firm EMI. Citigroup provided 2.6 billion pounds of debt for the 2007 buyout of EMI [LNDONE.UL], a deal that came to epitomize the risks of loading companies with debt when the company's performance slumped. "Boies, Schiller and Flexner, on behalf of Terra Firma, filed a notice of appeal in the litigation against Citigroup. The appeal will challenge legal rulings made by the court in the litigation," Terra Firma said in an emailed statement.