Salans advises as Hilco buys struggling HMV’s debt

Salans has advised restructuring specialist Hilco in its purchase of HMV’s £176m debt.

HMV

Corporate partner Jonathan Polin is instructed by Hilco, which is now working alongside the administrators of the struggling high street music and DVD retailer as they review the business.

Polin has previously acted for an investment group led by Hilco UK on its purchase and subsequent sale of Habitat Retail Group (28 June 2011).

Salans also got the mandate for Hilco’s acquisition of HMV Canada from the HMV group in 2011.

The deal means HMV could yet be rescued, with thousands of jobs saved.

Jonathan Polin
Jonathan Polin

Morrison & Foerster (MoFo) is advising a group of creditors on the administration of HMV (16 January 2013). City litigation partner Jonathan Wheeler is leading the team acting for several of HMV’s supplier creditors including Warner Music UK, Paramount Home Entertainment, Cinram, Arvato, Channel 4 and ITV, as well as three Sony businesses encompassing Sony Pictures Home Entertainment, Sony Music Entertainment UK and Sony DADC UK.

Linklaters has a dual role acting for the administrators at Deloitte and for the company’s lenders, Lloyds and RBS (15 January 2012). Richard Hodgson and Richard Bussell are acting for the joint administrators, Deloitte partners Nick Edwards, Neville Kahn and Rob Harding, while banking partner Chris Howard is advising the banks..

HMV went into administration after the company’s suppliers declined to provide around £300m in financing to pay off bank debt.