Hilco buys HMV's debt and takes control

Restructuring company Hilco has reportedly bought HMV's debt, effectively putting it in control of the entertainment shop chain.

Hilco already owns HMV Canada. This new move, reported by the BBC and the Financial Times, doesn't officially make Hilco the owner of HMV UK.

What it does do is stabilise the situation for HMV. Hilco and administrator Deloitte can now work together to map out a future for HMV.

Hilco is thought to have paid "much less" than the £176 million HMV had in underlying debt. Hilco hasn't commented on the situation.

As Brad Majors and Janet Weiss would sing: "There's a light..."