January 22, 2013 20:14

HMV's debt bought by 'restructuring specialist' Hilco

The company said they believe there to be a 'viable underlying HMV business'

HMV's debt bought by 'restructuring specialist' Hilco

Photo: PA

HMV's debt has been bought by 'restructuring specialist' Hilco.

Hilco bought the high street music retailer's debt from their lenders Lloyds and Royal Bank of Scotland. The debt has to be purchased in order for any company to take full control of HMV, reports BBC News.

HMV owed £176 million, but because the company is in administration, Hilco would have paid less than this in making the first step to acquiring the business.

Hilco – who bought out HMV Canada in 2011 – confirmed in a statement that they hadn't yet bought the business: "Hilco UK confirms that it has acquired HMV's debt from the group's lenders. It has not bought the business itself."

They continued: "Hilco believes there to be a viable underlying HMV business and will now be working closely with Deloitte who, as administrators, are reviewing the business to determine future options."

From today (January 22), HMV will begin accepting gift vouchers again.

Many customers were left angry after the company revealed they would not honour vouchers after it went into administration last week.

However, a new statement from Nick Edwards of administrators Deloitte promised that gift vouchers will be honoured.

The situation over vouchers saw tempers flare in one HMV store. Thames Valley police confirmed that they had been called to an incident at an HMV store in Oxford after a dispute over a gift card between two customers and staff.

Read More On This Artist

More News
Primus preparing to release 'Willy Wonka' tribute album
BBC Introducing Stage line-up announced for upcoming Reading and Leeds festivals
TV On The Radio announce new album 'Seeds'
Two more Led Zeppelin albums to be remastered and reissued
Lady Gaga and Tony Bennett release duet ahead of new collaboration album
Timbaland confirms work on new 'game changer' single with Missy Elliott
Beck walks with his past self and the Grim Reaper in video for 'Heart Is A Drum'
Mitch Winehouse to release new Amy Winehouse charity album
Metallica's Lars Ulrich tips AC/DC for next year's Glastonbury
Blink-182's Tom Delonge selling setlist from band's first ever gig
Damon Albarn: 'New Blur album may just be one of those records that never comes out'
BBC Radio 1 deny claims that La Roux was excluded from playlist for being 'too old'
Confusion surrounds Lil Wayne's involvement with Real Madrid footballer Cristiano Ronaldo
One Direction's Zayn Malik gets death threats after #FreePalestine tweet
Michelle Shocked releases silent album with tracks named after digital music executives
Further Ted Nugent casino performances cancelled over 'racist' comments
The Co-op staff complain as supermarket switches to only playing music by unsigned artists
Muse say 'heavy' new album will be released next summer
Lady Gaga appears as waitress in new 'Sin City' trailer – watch
Foo Fighters announce September live date at London's Olympic Park
Former Lostprophets member on Ian Watkins abuse: 'How could you know? How would you know?'
Pussy Riot to sue Russian government over imprisonment

More News

Comments

Please login to add your comment.

Featured Videos
Latest Tickets - Booking Now
 
Know Your NME
 

 
NME Store & Framed Prints
Most Read News
Popular This Week
Inside NME.COM
On NME.COM Today