HMV: Restructuring specialist Hilco takes control of retailer - Hilco bought out HMV Canada in 2011.
Restructuring specialist Hilco has taken effective control of music and DVD retailer HMV.
Hilco, which already owns HMV Canada, has bought the debt of HMV from the group's lenders, Lloyds and Royal Bank of Scotland.
The debt deal gives Hilco effective control of HMV, which fell into administration last week.
HMV has been hit by competition from online rivals, supermarkets, and illegal music and film downloads.
HMV's estimated debt was about £176m, but Hilco is believed to have paid much less than this to acquire it because the retail chain is in administration.
Although Hilco does not yet officially own HMV, the debt deal gives it effective control of the music and DVD chain.
An industry group of music labels and film studios, including Universal Music and Sony, were reported on Monday to favour a buyout of HMV by Hilco.
Hilco bought out HMV Canada from parent HMV group in 2011 for £2m, and this history means suppliers are likely to give a Hilco-owned HMV in the UK more favourable credit terms.
In Canada, Hilco said the support of HMV's key suppliers had been of "critical importance" to the business's performance.
HMV has 223 UK stores in total, and a workforce of about 4,000.
Hilco was not immediately available to comment.
On Monday, the administrators for HMV said that the retail chain would start accepting gift vouchers in stores from Tuesday.
Deloitte, which had previously said that gift cards could not be redeemed in stores, said it had made the change after assessing HMV's financial position
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