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QVC Group (Nasdaq: QVCG) announced it has successfully completed its U.S. Chapter 11 financial restructuring and emerged with total debt reduced by more than $5 billion. The company also obtained access to a new $600 million asset-based lending facility led by funds managed by SVP and Oaktree Capital.
QVC Group’s common stock has been approved for trading on Nasdaq under the symbol QVCG. In connection with emergence, President and CEO David Rawlinson has stepped down and is succeeded by industry veteran Mike George as Interim Chief Executive Officer and Chair of the Board, effective immediately. The company appointed a new eight-member Board of Directors, while the existing executive leadership team remains in place to work with George and the new Board as QVC Group pursues growth in live social shopping across social platforms, streaming apps, ecommerce sites, retail stores and television networks.