Private equity is no stranger to public embarrassment. But Terra Firma's struggle to control emi, a British music label whose assets include the Beatles' back catalogue, has been particularly humiliating. Terra Firma, a private-equity firm run by Guy Hands, bought emi for £4.2 billion ($8.3 billion) in 2007. But the recession and declining music sales made it impossible for Terra Firma to pay off emi's massive debts. Last year Terra Firma sued Citigroup, the bank that financed the deal, claiming it defrauded it into paying too much. The jury ruled in favour of Citi, leaving Mr Hands to renegotiate debt payments or lose the label.
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