The latest economic indicators suggest the British recession is over, but that doesn’t mean British companies are out of hot water yet. One British company that is certainly stil feeling the heat is EMI, who remain heavily indebted to CitiBank. New reports show EMI is $2.4 billion in the red. In addition, EMI needs to pay back a $160million loan by March 31st or risk being taken over by Citi. EMI has been in trouble for a while, and with few bright spots ahead it is increasingly likely that the big 4 labels will become the big 3 by years end. Warner has coveted EMI’s catalog, which includes The Beatles, for sometime so perhaps Warner will step in and try to make moves towards a merger.