Retail restructuring group Hilco, which owns HMV Canada, has acquired HMV’s debt in order to obtain control of the company.
The move was initially reported by The Financial Times, which states that Hilco has taken control of the debt owed to both Lloyds and Royal Bank of Scotland, subsequently granting the group full ownership of the HMV brand.
Hilco’s decision to acquire HMV’s debt is understood to be a way of stabilising the situation, in order to provide Hilco and administrator Deloitte breathing space as negotiations over HMV’s future continue.
Deloitte has confirmed that over 50 parties has expressed interest in HMV, whilst Game Retail, which entered administration itself early last year, is interested in taking on up to 45 HMV stores.
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