Old QVCAQ, QVCGQ, and QVCPQ shares are now worthless and should not be traded. The new entity (QVC Group, Inc.) will have a different capital structure and likely new ticker symbols. Monitor the new common stock for price discovery as creditors become the new shareholders. The high-coupon debt (10%) signals elevated credit risk despite the deleveraging.
Price Chart
Executive Summary
Old QVC Group emerged from Chapter 11 bankruptcy on August 6, 2026, under a prepackaged plan. All outstanding shares of old common stock (QVCAQ, QVCGQ) and preferred stock (QVCPQ) were cancelled for no value. Creditors received new common stock and new debt instruments, including $1.24B of 10% senior secured notes due 2032, $84.6M term loans, and a $600M ABL facility. The board and CEO were replaced, with Michael George appointed Interim CEO.
Key Facts
- All old common and preferred stock cancelled for no value on the Plan Effective Date (August 6, 2026).
- Approximately 21.4M new common shares issued to QVC Notes claimholders and 28.6M to RCF claimholders, who now hold 100% of the new common stock.
- Issued $1,240,362,247 in 10.000% First Lien Senior Secured Notes due 2032 (Takeback Notes).
- Borrowed $84,637,736 in first lien senior secured term loans (Takeback Loans) at an all-in rate of 10%.
- Entered into a $600.0 million three-year asset-based revolving credit facility (Exit ABL Facility).
- Entire prior board resigned; new board appointed with designees from GoldenTree, Oaktree, Strategic Value Partners, and Silver Point Capital.
- David Rawlinson II released as CEO; Michael George appointed Interim CEO with a $1.5M base salary and $5M equity award package.
Financial Impact
Old equity holders lost 100% of their investment. New debt structure adds $1.24B in 10% notes and $84.6M in term loans, plus a $600M ABL facility. No revenue or earnings figures provided.
Risk Factors
- Potential litigation from old equity holders challenging the plan or valuation.
- High interest burden from 10% notes may strain cash flow.
- Operational turnaround risk under new management and board.
- Liquidity risk if the ABL facility is drawn heavily.
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-092423 |
| Document: 0001104659-26-092423-index-headers.html | 0001104659-26-092423 |
| Document: 0001104659-26-092423-index.html | 0001104659-26-092423 |
| Document: 0001104659-26-092423.txt | 0001104659-26-092423 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 7, 2026 11w ago | 8-K | $0.0270 | awaiting T+5 | — | — |
Jul 24, 2026 13w ago | 8-K | $0.0400 $0.0330 | ▲ +17.50% | ▲ +20.01% | — |
Jul 17, 2026 14w ago | 8-K | $0.0600 $0.0350 | ▼ −41.67% | ▼ −41.08% | — |
Jun 17, 2026 18w ago | 8-K | $0.1300 $0.0900 | ▲ +30.77% | ▲ +28.39% | — |
US Market Status
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