Guy Hands' private equity firm Terra Firma has asked British courts for documents it could use to challenge the process by which it lost music group EMI to Citigroup, two people familiar with the matter said. EMI sought insolvency protection in February -- weeks before a debt covenant test it was expected to fail -- and the administration process, undertaken by PricewaterhouseCoopers , handed the business to sole lender Citigroup (C.N). Terra Firma has been trying unsuccessfully to get access from both Citigroup and PWC to documents providing a valuation of EMI at the time of the administration and detailing the process that led to Citigroup taking control, the people familiar with the situation said. The firm asked for access to those details at a private hearing in a London court on Tuesday, the people said.
Citigroup Inc. (Citigroup) is a global diversified financial services holding company. Shares of C traded higher by 4.62% or $1.28/share to $28.98. In the past year, the shares have traded as low as $25.40 and as high as $51.50. On average, 47808500 shares of C exchange hands on a given day and today's volume is recorded at 35099156.
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