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Wednesday, 21 August 2013

HMV creditors to lose some £250m

The HMV pension fund and a number of other creditors will lose more than £250 million as a result of the entertainment retailer's collapse into administration earlier this year.

The Telegraph has reported that an update from administrators Deloitte shows that bank lenders have recovered £38.6 million from HMV while advisers are set to receive up to £15 million.

However, the newspaper says that Deloitte has warned that HMV’s defined benefit pension scheme, which is entitled to £26 million, and unsecured creditors such as suppliers and landlords, who are owed £157 million, are not expected to receive anything from the administration. It is thought that the pension fund has applied to enter the Pension Protection Fund.

HMV went into administration in January after struggling against tough high street conditions and the rise in internet downloads in recent years. The retailer was subsequently rescued by specialist restructuring firm Hilco.

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