Unsecured HMV creditors lose out

The banks that lent money to the old HMV Group plc have recovered £38.6 million after the sale of the flagging entertainment retailer to Hilco earlier this year, while financial and legal advisors to the defunct company will earn £15 million for their work. Unsecured creditors, including suppliers and landlords, will likely see nothing, while the old HMV pension fund will lose out on £26 million it was due , though a spokesman for the fund said that this will not affect members of the pension scheme