Interest
Hilco Buys HMV's Debt
posted on by Andrew Osmond
BBC says that Hilco has taken 'effective control' of stricken chain.
The BBC reports that Hilco UK, a restructuring firm, has taken "effective control" of HMV.
According to the report, Hilco bought HMV's debts from the chain's lenders, Lloyds and the Royal Bank of Scotland. "HMV's estimated debt was about £176m, but Hilco is believed to have paid much less than this," says the BBC.
Hilco had previously acquired HMV Canada in 2011. According to the BBC, "This history means suppliers are likely to give a Hilco-owned HMV in the UK more favourable credit terms."
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