American vulture fund circles stricken HMV

An American vulture fund is reportedly circling stricken HMV in a move that could see it become one of the retailer’s biggest creditors.

Wall Street investment business Apollo Global Management has bought over £20m (€24.5m) of the company’s debt, equivalent to more than 10% of HMV’s outstanding loans, said the Sunday Times.

The move puts Apollo in a strong position to take over the business if it runs into trouble with its debt next year, the report added.