Restructuring group Hilco has reportedly bought HMV's debt, effectively giving it control of the retail group.
HMV went into administration last week after failing to agree on new terms for its debt, but the Financial Times claims Hilco - which acquired HMV Canada in 2011 - has moved to pave the way for a rescue.
It has reportedly bought HMV's debt from the group's lenders, Lloyds and Royal Bank of Scotland, with sources telling the FT that the move will bring stability to HMV and allow Hilco to work with administrator Deloitte to find the best way to take the business forward.
While HMV isn't commenting on the report, the retailer today begun honouring gift cards again, a turnaround decision by Deloitte that would have been unlikely were it not confident of securing HMV's future.
About 50 parties are believed to have expressed an interest in HMV to Deloitte, with GAME Retail apparently keen to purchase 45 HMV stores.