EMI is requesting over $550 million from its investors as it continues its hellish 2010. The music group is facing a real threat of defaulting on its loans from Citigroup. Conveniently, both companies are also in a squabbly lawsuit after EMI accused Citigroup of fraud.
To make matters even worse, EMI recently lost Paul McCartney to the Concord label. TMT has been chronicling this neverending disaster with some glee over the last few months, but even this correspondent is beginning to feel sorry for the once mighty record company.
• EMI: http://www.emimusic.com
