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British record label EMI has faced some unexpected challenges executing the bold restructuring plan it announced in January, sources reported to Reuters.
EMI, now owned by private equity firm Terra Firma, wants to lay off 2,000 employees as part of a plan to tear down label walls and international boundaries, and focus more on finding new talent.
But sources say some obstacles have cropped up at the home of Coldplay and Lenny Kravitz: issues concerning "key man" clauses in artists' contracts; clauses in executive contracts that allow top staffers to leave if their responsibilities change or the company comes under new ownership or management; and challenges meeting deadlines by certain sectors of the company. 
An EMI representative called all three assessments "wrong," and noted that "as announced on January 15, EMI's reorganization is on plan."
EMI is clearly making strides to complete its restructuring. An April 16 internal memo announced the appointment of a chairman's board, an operating board and a restructuring board.
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