A possible rescue deal, saving thousands of jobs, could be on the cards following debt deal between Hilco and HMV's lenders

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.

More after the break

via Sky News

Follow whathifi.com on Twitter

Join us on Facebook