Unsecured creditors of HMV are owed more than £65m but are likely to receive only a fraction of that, despite its rescue by Sunrise Records.
A report from KPMG, the administrator, filed at Companies House this week showed that the creditors faced an estimated shortfall of £64.6m. Secured creditors are owed nearly £47m and face a shortfall of about £25m.
The high street record chain fell into administration in December for the second time in six years, hit by high rents and business rates, poor Christmas trading and a shift in spending habits to online music streaming services. It was bought out of administration by Sunrise for £883,000.
