LONDON (CelebrityAccess MediaWire) — Private equity investor Hilco Consumer Capital has bought the debt of British music retailer HMV, which went into administration last week.
As of the end of October 2012, HMV had outstanding debts of approximately $279 million and Hilco was reported to have paid about $190 million to acquire that debt from a group of banks led by the Royal Bank of Scotland and the Lloyds Banking Group, according to the New York Times.
The purchase solidifies Hilco's control over HMV and the company has been appointed as an advisor by accounting firm Deloitte, who are overseeing HMV's administration. In 2011, Hilco purchased HMV's Canadian operation for $3.5 million.
Hilco focuses investments on struggling retail and consumer products businesses. Their current portfolio includes Linens & Things, Polaroid, Halston, Frederick's of Hollywood and Atari. – CelebrityAccess Staff Writers