Hilco UK Buys Up Bankrupt Music Retailer HMV’s Debt

Law360, New York (January 22, 2013, 8:50 PM EST) -- The private equity arm of retail turnaround specialist Hilco UK Ltd. announced Tuesday that it has purchased all the debt and, therefore, effectively taken control of entertainment company HMV Group PLC, which entered corporate bankruptcy last week.

HMV, whose sales had been slumping in the face of steep competition from digital music purveyors, was saddled with $279 million in debt at the end of October, according to the group’s latest financial report.

“Hilco UK confirms that it has acquired HMV’s debt from the group’s lenders,” a...
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