Terra Firma to get new bill for EMI

Terra Firma, a pan-European buyout firm, could face further charges of £170m (US$334m) on its 2007 £4bn purchase of UK music group EMI.

The Financial Times said that trustees of EMI’s pension scheme have asked the Pensions Regulator to decide how more money the scheme should hold following last year’s acquisition. The FT said that it is the first time the Pensions Regulator has been called upon to use these powers.

Ian Smellie, chairman of the trustees, said that there was a shortfall of between £50m and £170m, depending on EMI’s financial outlook.