As the post-credit bubble world adjusts to deal with pre-bubble deals, Terra Firma has written off half the value of its €2.6 billion (£2.3 billion) investment in music group EMI. The private equity giant revealed in its 2008 annual report that EMI accounts for most of a $1.71 billion (€1.36 billion) non-cash impairment charge on Terra Firma’s 2008 balance sheet. Terra Firma insists it is merely being honest and “prudent” about the value of the company and that private equity-funded companies suffer worse than public companies in the downturn because of the high leverage involved. Plus, the low valuation of the pound versus the Euro hasn’t helped either. Full story on paidContentUK...