HMV's debt has been acquired from the group's lenders by retail restructuring group Hilco UK.
The company, which went into administration last week, had an underlying net debt of £176m as at the end of October.
The Financial Times says that, although Hilco has not acquired HMV, it paves the way for a rescue, as it means Hilco can effectively take control of the retailer.
It is not certain at this stage what it will mean for the stores in Bury and Bolton.
Experts have been suggesting that any successful buyer of HMV would concentrate on the larger stores with greater footfall such as those on Market Street, Manchester, and the Trafford Centre.