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

Davis Polk is advising an ad hoc group of holders of certain senior secured notes in connection with the chapter 11 restructuring of QVC Group, Inc. and certain of its subsidiaries, including its primary operating subsidiary, QVC, Inc. (collectively, “QVC”).

On April 16, 2026, QVC, holders of more than 55% of the aggregate principal amount of QVC, Inc.’s senior secured notes, holders of more than 75% of the aggregate principal amount of claims under QVC, Inc.’s revolving facility, and holders of more than 45% of the aggregate principal amount of Liberty Interactive LLC’s unsecured debentures entered into a restructuring support agreement (“RSA”) in connection with QVC’s chapter 11 filing in the U.S. Bankruptcy Court for the Southern District of Texas.

QVC filed a prepackaged plan of reorganization that contemplates that all third-party general unsecured creditors will be unimpaired. QVC’s total debt will be reduced from approximately $6.6 billion to $1.3 billion, and the prepetition holders of QVC, Inc.’s notes and revolving facility claims will receive their pro rata share of a cash distribution, a $1.275 billion takeback debt facility and the equity of reorganized QVC.

QVC is a live social shopping company that aims to redefine the shopping experience through video-driven commerce on every screen, from smartphones and tablets to laptops and TVs. It 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 its QVC+ and HSN+ streaming experience, Facebook, Instagram, TikTok, YouTube, Pinterest, websites, mobile apps, print catalogs and in-store destinations.

The Davis Polk restructuring team includes partners Damian S. Schaible and Angela M. Libby, counsel Aryeh Ethan Falk and associates Helen (Muhan) Zhang, Benjamin Weissler and Daniel Feit. The tax team includes partner Kara L. Mungovan, counsel Tracy L. Matlock and associates Yueyu Yang and Carter Ballentine Allison. The capital markets team includes partner Roshni Banker Cariello and counsel Brian Hecht. The restructuring finance team includes partner Christian Fischer and associate Carly (Yoona) Cha. Partner Elliot Moskowitz is providing litigation advice. Partner Travis Triano and counsel Justin Alexander Kasprisin are providing executive compensation advice. All members of the Davis Polk team are based in the New York office.

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