News - 18/12/2012

HMV to be acquired by US Apollo Global Management?

HMV to be acquired by US Apollo Global Management?

According to reports, New York based investment group Apollo Global Management has taken 10% (more than £20m) of HMV's debt from Allied Irish Bank last week, with a possible plan to acquire the company. it's just a speculation, at the moment, but it's not unlikely that a similar investment could lead to a full takover.
Truth is that if Apollo intends to use its position as a creditor to HMV to leverage control of the group, it will need to buy more of the retailers discounted debt - so the deal with Allied Irish Banks could be the first in a series over coming weeks.

Last week HMV published its first-half results for the six months ending October 27 and reported a debt growth to £176.1m in H1, while sales went down 13.5%; although the losses have narrowed the retailer announced that it faced "a probable" breach of its January banking covenants, with chief executive Trevor Moore warning that "current market trading conditions result in material uncertainties facing the business".
Any failure to meet its covenants would put the chain at the mercy of its lenders.

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