The British music company EMI which has been struggling to hit the licensing deals since the last few days, was taken over by the bankers, yesterday, as it failed to secure any of the deals for selling the rights for its artists.

The firm, which has a record of groups like the Beatles, Coldplay, Lily Allen and Pink Floyd having played under it, was looking forward to earn £200 million by selling North American rights to Universal Music Group or Sony Music for a the next five years.

With this failure, EMI will have to struggle for raising an amount of £120m by the middle of June for fulfilling its loan commitments made to Citigroup.

Since its acquisition by private equity firm Terra Firma Capital Partners in 2007, the company has been facing a tough time.

According to a unanimous source close to the company, Terra Firma is planning to approach investors for meeting the need of funds.

In case the company fails in meeting the fund demands, thereby failing to fulfill its loan commitments, then EMI may undergo a seizure by Citigroup, being sold either as a single entity or in parts.