We advised an ad hoc group of noteholders in connection with QVC’s chapter 11 proceedings

Davis Polk advised an ad hoc group of QVC, Inc. noteholders in connection with the successful prepackaged chapter 11 restructuring of QVC Group, Inc. and certain of its subsidiaries, including its primary operating subsidiary, QVC, Inc. (collectively, “QVC”). The ad hoc group played a key role in negotiating the restructuring, which reduced the company’s leverage from approximately $6.6 billion to $1.3 billion.

QVC filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the Southern District of Texas on April 16, 2026 after entering into a restructuring support agreement with holders representing a significant majority of QVC’s outstanding funded debt, and all voting classes supporting the plan.

After a multi-day trial, the bankruptcy court overruled an objection from certain preferred shareholders and, on July 20, 2026, the bankruptcy court confirmed the plan.

Under the plan, QVC, Inc. noteholders and revolving facility lenders received their pro rata share of distributable cash, $1.325 billion of takeback debt and 100% of reorganized equity.

On August 6, 2026, QVC emerged from bankruptcy and is trading as a public company on Nasdaq.

QVC is a live social shopping company that reaches more than 200 million homes worldwide via 15 television channels, which are widely available on cable/satellite TV, free over-the-air TV and livestreaming TV. The retailer also reaches millions of customers via TikTok Shop, various social media platforms, print catalogs and in-store destinations.

The Davis Polk restructuring team included partners Damian S. Schaible and Angela M. Libby, counsel Aryeh Ethan Falk and associates Helen (Muhan) Zhang, Benjamin Weissler and Daniel Feit. The corporate team included partner Christian Fischer, counsel Brian Hecht, Jonathan B. Brown, Jacob S. Kleinman and associate Benjamin J. Carlin. The litigation team was led by partner Elliot Moskowitz. Partner Roshni Banker Cariello provided securities law advice. The tax team included partner Kara L. Mungovan, counsel Tracy L. Matlock and associate Yueyu Yang. All members of the Davis Polk team are based in the New York office.

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