Editing EMI (section)

=== Citigroup ownership ===
In February 2010, EMI Group reported pre-tax losses of £1.75&nbsp;billion for the year ended March 2009, including [[Revaluation of fixed assets|write-downs]] on the value of its music catalogue.<ref>[https://web.archive.org/web/20100209004612/http://www.google.com/hostednews/ukpress/article/ALeqM5jFtZEAlVac1aJXdaP_5MAK7muiow EMI slumps to £1.75bn loss], Press Association, 4 February 2010</ref><ref>[https://www.theguardian.com/business/2010/feb/04/emi-music-announces-massive-loss EMI crashes £1.75bn into the red], ''The Guardian'', 4 February 2010</ref>
In addition, [[KPMG]] issued a [[going concern]] warning on the holding company's accounts regarding an ability to remain solvent.<ref>[http://www.accountancyage.com/accountancyage/news/2257383/kpmg-issues-going-concern KPMG issues going concern warning for EMI], ''[[Accountancy Age]]'', 5 February 2010</ref>

Citigroup (which held $4&nbsp;billion in debt) took 100% ownership of EMI Group from [[Terra Firma Capital Partners]] on 1 February 2011, writing off £2.2&nbsp;billion of debt<ref>''[https://www.theguardian.com/media/2011/feb/01/guy-hands-emi-citigroup Citigroup wrestles EMI from Guy Hands' grasp]'', 1 February 2011</ref> and reducing EMI's debt load by 65%.<ref>{{cite web|url=http://www.emimusic.com/news/2011/emi-announces-successful-capital-restructuring-and-change-of-ownership/ |title=EMI announces successful capital restructuring, and change of ownership |publisher=EMI Music |date=1 February 2011 |access-date=16 November 2011 |url-status=dead |archive-url=https://web.archive.org/web/20110811112611/http://www.emimusic.com/news/2011/emi-announces-successful-capital-restructuring-and-change-of-ownership/ |archive-date=11 August 2011 }}</ref> The group was put up for sale and final bids were due by 5 October 2011.<ref>{{cite magazine|url=http://www.billboard.biz/bbbiz/industry/record-labels/emi-auction-second-round-bids-are-in-questions-1005393412.story|title=EMI Auction: Second-Round Bids Are In, Questions Still Looming|magazine=Billboard|date=6 October 2011|access-date=16 November 2011|archive-date=9 November 2011|archive-url=https://web.archive.org/web/20111109104611/http://www.billboard.biz/bbbiz/industry/record-labels/emi-auction-second-round-bids-are-in-questions-1005393412.story|url-status=dead}}</ref>