Turnaround specialists, including Hilco, are eyeing acquiring HMV’s debt in a move which could give them control of the entertainment group.

HMV is in the process of agreeing new terms for its debt, which is understood to stand at £175m, with its consortium of eight lenders. The deal is expected to be completed in July according to The Mail on Sunday.

The firms circling HMV hope to acquire the debt at a reduced rate from existing backers.

Hilco is understood to be amongst the interested parties. The restructuring specialist was linked to a bid with HMV last year and bought the retailer’s Canadian business.

However, two of HMV’s lenders told the newspaper it did not intend to sell its debt.

The retailer, which is understood to have made a £10m loss for the year to April, said in January that it hoped to cut debt in half over the next three years.

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