Q Talk

[Estellee]

That's true. I've noticed quite a few other companies that owe that much and more and somehow they still survive.

[wagirl]

that info was all over the various news stations too. QVC said they hoped to be out of chapter 11 in 3 months. Mary Beth was shown alot from the early, early days via a film clip.I thought QVC/HSN was all over the various social medias. I am not any of them except for youtube and here. Sounds like they need to up that presence to go after the younger crowd. 

[elated]

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@They CallMe MRWILKES wrote:

The debt mentioned is all secured bank loans, bonds, debentures.   Those creditors have agreed to the reductions. 

Vendors and trade suppliers are unsecured and QVC indicates that the unsecured claims will be paid in full.

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@They CallMe MRWILKES  Just out of curiosity where did you get this information?  

[Sooner]

I think management got caught up in their dreams more than retail.  They seem to have chased this binge they are own pumping out slightly different versions of same old thing, new song thinking people would buy.

I will bet their inventory is piled so high they can't get out from under the debt for that.  It all started downhill at a rapid slide with the newest group. 

[They CallMe MRWILKES]

Several sources for Docket Documents:

The Kroll Restructuring Website which is the Chapter 11 case information distribution agent for The QVC Group

or The United States Bankruptcy Court Website, Southern District of Texas, Houston Division 

[LanaPranzo]

Everyone who thinks that wiping out investors is a good thing, then obviously you are not an investor. 

Frustrated QVCGP Preferred Holder – This Wipeout Feels Completely Unfair

Just read the 8-K: QVC Group filed a prepackaged Chapter 11 with a Restructuring Support Agreement (RSA) that hands the reorganized company to the debt holders.

Under the plan:

• All QVCG Preferred Equity Interests (Class A6) get cancelled, extinguished, and wiped out.
• Preferred holders (like me) receive $0 recovery — no distribution, no value, nothing.
• The class is impaired and deemed to reject the plan. No vote for us.
• Same story for common shares ($QVCGA / $QVCGB).

They suspended our 8% cumulative dividends back in June 2025 and never restarted them. The mandatory redemption in 2031? Gone. Liquidation preference? Ignored. Meanwhile, the company had over $1 billion in cash, operations (QVC, HSN, etc.) continue as usual, vendors and general unsecured claims get paid in full, and debt gets slashed from ~$6.6B to $1.3B — with new equity going 100% to the lenders (plus a management incentive plan).

This is classic absolute priority rule in action, but it still stings. Management and the RSA backers basically sided with creditors against equity holders from the start. The filing itself warns that trading these securities is highly speculative and capital stock could end up worthless.

Where’s the outrage from other preferred holders? The “grandmas” on the QVC community forum seem to have more fight in them than a lot of fintwit.

If you're holding $QVCGP:

• Expect Nasdaq delisting soon.
• Think about tax loss harvesting implications (consult a tax pro).
• Any chance of a successful objection or plan modification? Slim in a fast-track prepack, but worth watching the Southern District of Texas docket.

This feels like retail equity got thrown under the bus while the big debt players walk away with the restructured company. Anyone else in the same boat? Thoughts on next steps?

[geezerette]

Stockholders are normally the first to take the hit when a company declares chapter 11.  That's why so many jump ship when the rumors start.

[They CallMe MRWILKES]

Absolutely.   Here's how the Common Shares are being treated in the Reorganization Plan; worthless, valueless and extinguished!  (Preferred Shareholders treated similarly,  but they collected a nice dividend for years!)

Class A7 – QVCG Common Equity Interests.

(a) Classification: Class A7 consists of all QVCG Common Equity Interests.

(b) Treatment: The QVCG Common Equity Interests shall be cancelled, released, discharged, extinguished, and of no further force or effect, and such Holders shall not receive any distribution, property, or other value under this Plan on account of such QVCG Common Equity Interests.

Voting: Class A7 is Impaired under this Plan. Holders of QVCG Common Equity Interests are conclusively deemed to have rejected this Plan pursuant to section 1126(g) of the Bankruptcy Code. Therefore, such Holders are not entitled to vote to accept or reject this Plan.

[Desert Lily]

I explained a Debt for Equity Swap in an RSA on Page 8 of this thread.

[geezerette]

You do get a tax write off for your losses though.  $3,000 per year, $1,500 if filing separately, against ordinary income; any excess can be carried forward.