Guy Hands, one of Britain's highest profile financiers, has stepped down as chairman of Terra Firma Capital Partners, the private equity firm he founded, after more than two decades in the role.

Private equity venture Terra Firma has no plans to sell ailing recorded music division EMI, despite how badly the company had been run, CEO Guy Hands said Friday.

Terra Firma still has a large debt load from the EMI acquisition, now grown to 3.2 billion pounds ($5.2 billion) due to exchange rate changes and it will likely require another equity injection ...

His buyout firm, Terra Firma, took out a big loan from Citi in buying the music label for $6.6 billion at the top of bubble in 2007. When things crashed, so did EMI's value.

Terra Firma will pay 105 million pounds ($155.4 million) into EMI to prevent the troubled British music group's lender Citigroup from taking control, a person familiar with the situation said.

Terra Firma took over Four Seasons in 2012 and its debt now stands at more than £500m. Last month, Four Seasons launched a last-minute attempt to implement an urgent restructuring of debt on ...