EMI in battle to raise £360m

EMI executive chairman Charles Allen was today finalising a "range of options" to present to the record label's private-equity owner Terra Firma as it works on a £360 million rescue plan.

Terra Firma boss Guy Hands needs to raise at least £120 million from investors by June to prevent the Robbie Williams label from falling into the hands of its lender Citigroup.

Insiders claim the investors will be willing to inject as much as £360 million.