Just when EMI looked like it had found a  little breathing room, comes a new challenge. The UK Pension Regulator  may force the indebted label group to fund a $365 million (£250 million) shortfall in its pension fund. The fund covers 22,000 members, with  just 500 still working and contributing  It has about $1.3 billion (£900m) in assets.

EMI is saying that the deficit is much closer to $15 million. But a recent accounting by EMI's hown olding company Maltby Capital Ltd. admitted a deficit of between $15 million and $292 million (£10m to £200m). They claim the wide range of the estimate is the result of different actuaries using a variety of methodologies.