February 8, 2010 /EIN PRESSWIRE/ The debt-laden recording industry megalabel EMI is looking to slash its workforce in order to attract more than 120 million GBP in capital, according to EMI CEO Elio Leoni-Sceti.

Those cuts could include up to 3,500 job loses and the dissolution of contracts with loss-generating artists. The Mail Online reports that without the 120 million GBP in fresh capital, Citigroup would foreclose on a loan to investment group Terra Firma and take control of the company.

EMI’s auditor, KPMG, has expressed significant doubt about EMI’s ability to move forward.

Read more about EMI’s troubles at Music Industry Today:

Latest EMI news – http://music.einnews.com/news/emi

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