By Daniel Hunter

HMV have been given a lifeline following the news that restructuring specialist Hilco has taken effective control of the company.

The music and DVD retailer went into administration last week, after being hit by competition from online rivals and supermarkets.

Hilco, which already owns HMV Canada, has bought the debt of HMV from the group's lenders, Lloyds and Royal Bank of Scotland.

The debt deal gives Hilco effective control of HMV which fell into administration last week.

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