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

HMV

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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Andy Clough

Andy is Global Brand Director of What Hi-Fi? and has been a technology journalist for 30 years. During that time he has covered everything from VHS and Betamax, MiniDisc and DCC to CDi, Laserdisc and 3D TV, and any number of other formats that have come and gone. He loves nothing better than a good old format war. Andy edited several hi-fi and home cinema magazines before relaunching whathifi.com in 2008 and helping turn it into the global success it is today. When not listening to music or watching TV, he spends far too much of his time reading about cars he can't afford to buy.