QVC Group exits bankruptcy after slashing $5B in debt, CEO David Rawlinson steps down

QVC Group, Inc. walked out of bankruptcy court on August 6 carrying roughly $5.3 billion less debt than it walked in with. The home shopping company, parent of both QVC and HSN, completed its prepackaged Chapter 11 restructuring in under four months, cutting its total debt from approximately $6.6 billion to $1.325 billion. CEO David Rawlinson exited alongside the old balance sheet. QVC filed for voluntary Chapter 11 on April 16 in the US Bankruptcy Court for the Southern District of Texas, had its restructuring plan confirmed around mid-July, and emerged less than three weeks later. What the restructuring actually did On top of the debt reduction, the company secured a fresh $600 million credit line to fund operations and future investments. The filing was prepackaged, meaning QVC had already secured backing from a substantial majority of its lenders and noteholders before it ever set foot in court. All vendors were fully paid or reinstated during the proceedings. No layoffs were announced either. International operations were excluded from the filing entirely, keeping QVC’s overseas business insulated from the restructuring process. Rawlinson’s departure and what comes next David ...