Entertainment suppliers are considering offering support to HMV as turnaround specilaist Hilco emerged as the frontrunner in the race to acquire the collapsed retailer.

Universal Music, Warner Music and Sony are reportedly weighing up whether to offer a potential owner generous credit terms and slashing the price of CDs and DVDs to help keep HMV on the high street.

Suppliers are keen for HMV to continue to trade to maintain the competition against online retailers offering slimmer margins, The Sunday Times reported.

HMV last week praised the “amazing support” of suppliers including a deal in 2011 which saw several suppliers take equity in return for some of the retailer’s debt.

As revealed by Retail Week, Hilco has expressed interest in HMV last week and has emerged the frontrunner of the “more than 50” parties administrator Deloitte has said have expressed interest in HMV. The firm has already turned around sales in HMV’s Canadian business.

Rival entertainment retailer Game is also interested in buying 45 shops, it is understood.