HMV to pay up for charity single

 

Some €27,000 raised in HMV sales for a charity single for cancer sufferer Lily-Mae Morrison are to be paid.

About 300 musicians supported the version of Elton John’s Tiny Dancer to raise money for treatment for the four-year-old girl from Galway.

Lily-Mae’s mother Judith said the donations were very important.

“We’re delighted that the Tiny Dancer invoices from HMV will be honoured,” she said.

“This money is very important for Lily-Mae’s future and for the future of all the children suffering for neuroblastoma as half of it will go to neuroblastoma research.

“Right now our main focus is Lily-Mae, who is a very sick little girl. She and her brother Evan are the centre of our world. We’d like to thank everyone for the continued support.”

</p> <p>It is hoped some of the money raised, in the region of €70,000 now, can be used to fund treatment for Lily-Mae, who suffers from the rare childhood cancer of the nervous system.</p> <p>HMV’s Ireland operation was put into receivership last week with stores closed for the foreseeable future.</p> <p>It is understood an arrangement was reached between receivers in Deloitte and Lily-Mae’s family.</p> <p>Stephen Macken, who produced the new version of Elton John’s track, called A Song For Lily-Mae, said it broke into the top 20 in online downloads and almost hit the top 10 a second time after the HMV story broke last week.</p> <p><strong>HMV debt bought</strong></p> <p>Restructuring specialist Hilco has bought the debt of HMV, according to sources close to the situation, giving it a big influence in the fate of the British entertainment retailer.</p> <p>Hilco, which bought HMV Canada in 2011 and salvaged home goods firm Habitat, has bought the debt from HMV's lenders Royal Bank of Scotland and Lloyds, the sources said today.</p> <p>HMV, which has over 200 stores and more than 4,000 staff, had underlying net debt of £176.1 million pounds (€209.8 million) in October.</p> <p>The acquisition does not mean Hilco now owns HMV but does give the group a central role in its future, potentially giving the 92-year-old retailer and its administrators Deloitte more time to attract new backers.</p> <p>Hilco, RBS and Lloyds all declined to comment. Deloitte was not immediately available for comment.</p> <p>Deloitte has received over 50 expressions of interest in HMV including from trade buyers and private equity firms. Video games seller Game has confirmed it is interested in buying a number of HMV stores.</p> <p>Hilco has widely been regarded as a frontrunner to take full control of HMV due to its relationship with music labels and film studios through its Canadian business.</p> <p>Yesterday it was appointed to help Deloitte run the business during the administration process, one of the sources said.</p> <p>HMV's business of selling DVDs and CDs has struggled in declining markets and amid increased competition from supermarkets and online retailers such as Amazon.</p> <p><strong>PA, Bloomberg</strong></p>

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