Guy Hands is close to raising £200m ($391m) of fresh equity to inject into EMI as he prepares to slash more than a third of the staff in its problem-hit recorded music business. In his first interview since completing the £3.2bn acquisition, Mr Hands dismissed fears that Terra Firma, his private equity group, could lose money on the deal, struck just before the credit squeeze began. He accused the music industry of “burying the creative process in bureaucracy” and losing sight of its real function. (Financial Times)
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