The US bank, which funded Terra Firma's purchase of EMI in 2007, said yesterday (Tuesday) it had acquired the major, announcing a recapitalisation at the same time. This saw the company's debt reduced from £3.4bn to £1.2bn.

The acquisition followed a long and often difficult period for EMI, in which an improvement in the day-to-day running of the company was overshadowed by an obligation to service the massive debts Terra Firma had run up in buying the music group.

Faxon ...