A very hard day's night for EMI

The music company was founded in London in 1931. It helped define 20th-century culture with recordings by The Beatles, The Beach Boys and The Rolling Stones. But despite its 21st-century success with albums by Lily Allen and Coldplay and rumours that it has several unreleased Michael Jackson songs in its vault, EMI is now £2.5 billion in debt. London financier Guy Hands, who bought EMI Music in 2007, is trying to help it survive with a £300 million loan; but in return, he wants EMI's banks to accept the loss of some £500 million.

Hands, who has already tried to cut costs with mass firings, has been accused by many EMI artists of not understanding the music industry. The Rolling Stones, Paul McCartney and Radiohead have already left the label, and others are considering following them. The controversial television pundit Max Keiser says he saw the crisis coming:

The future of one of the recording industry's most famous names looks bleak, and it remains to be seen whether Hands's rescue plan, even with the help of the banks, will be successful.