QVC Group (OTC: QVCAQ) received confirmation from the U.S. Bankruptcy Court for the Southern District of Texas for its comprehensive, prepackaged financial restructuring plan. The company expects to emerge from the court‑supervised Chapter 11 process once customary closing conditions are satisfied.
According to QVC Group, upon emergence total debt will be reduced from approximately $6.6 billion to $1.325 billion, and all vendors will have their claims paid in full or reinstated. Existing preferred and common shares will be cancelled, with newly issued common stock expected to list on a national exchange under the symbol “QVCG”, subject to approvals. The reorganized company also expects access to a new $600 million line of credit for working capital and general corporate purposes.