HMV is believed to have been thrown a lifeline by restructuring specialist Hilco.
The turnaround group has reportedly bought the debt of HMV from the group's lenders, Lloyds and Royal Bank of Scotland.
Hilco was last week named as a favourite to rescue the ailing retailer and is said to have been trying to thrash out details with administrators Deloitte on Friday.
The deal gives Hilco, which already owns HMV Canada, effective control of the ailing retailer in a move which retail analysts said could pave the way for a rescue deal.