HMV’s pension fund is among a number of creditors poised to lose more than £250m, according to an update on the administration from Deloitte.
The update shows that £26m owed to HMV’s pension scheme, which also includes some Waterstones pensions, and unsecured creditors such as suppliers and landlords, who are owed £157m, are not expected to receive any monies, The Telegraph reported.
Music label EMI, which is a secured creditor, is also understood not to be in line for a payout.
Bank lenders have recovered £38.6m from HMV while advisers are set to receive up to £15m, the report said.
Hilco spent £40.1m acquiring the collapsed entertainment retailer. That money will be distributed to the banking syndicate that backed HMV, Deloitte said.
Deloitte’s fee for the administration has so far totalled £10m including £4.5m which has already been paid.
Law firm Linklaters has been paid £2.3m and a Hilco vehicle brought in by Deloitte to trade the business during administration called Retail Agents 260 Limited has received £2.7m.