Hilco steps in to take on HMV debt, increasing hope of rescue deal

Restructuring specialist Hilco UK has acquired the debt of struggling music and movies retailer HMV, reports Sky News.

The move gives Hilco control of the entertainment chain, which is currently being managed by administrator Deloitte. It means a rescue deal is now possible, and may save thousands of jobs.

HMV's debt is reported to be around £176m, and the debt purchase is being made from its lenders Royal Bank of Scotland and Lloyds.

Yesterday it was announced that HMV would again start accepting gift vouchers, having previously said it wouldn't honour them.

via Sky News

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