EMI Records has reported losses of more than £1 billion for the past financial year, casting doubt over its future as it struggles to repay existing loans. According to the London Evening Standard, the company’s private equity owner, Terra Firma, has been forced to demand extra money, at least £105 million, from its investors to meet terms of the deal set by lender Citicorp. If it fails, the US bank could seize control of EMI.

Having bought the record company for £4.2 billion in 2007, it has already had to inject over £100′‰million. EMI’s chief executive Elio Leoni-Sceti is working on a new business plan that will be submitted to Terra Firma investors within weeks.