EMI has been taken over by Citigroup. The bank had been the main creditors of the label which had managed to rack up debts amounting to £3.4 billion. The debt (following the takeover) has been reduced to £1.2 billion and is to be sold on with the current management team still in place.
EMI is home to Gorillaz, Katy Perry and Robbie Williams and has a history of over paying it's artists. However despite this fact, it seems incredible that they were able to rack up this amount of debt without bank intervention.