Terra Firma Capital Partners has succeeded in its quest to raise £105m (€122.2m) to stave off a bank foreclosure on EMI Group, people familiar with the situation said, giving the private equity firm leverage in its battle with lender Citigroup over the fate of the legendary music company.

EMI has until Friday to inform Citigroup that it has come up with the cash necessary to stave off default in mid-June. Terra Firma and its embattled boss Guy Hands needed to come up with the funds to keep Citigroup from foreclosing after the music company breached terms of its loan. The investors faced a deadline of Monday to agree to contribute additional funds.