💥QVC: ‘C’ for Consolidation💥
Plus: Does GoPro, Inc. ($GPRO) still exist?
As you know from our coverage here …
… back on April 16, 2026, QVC Group Inc. (“QVCG,” a/k/a Qurate Retail Inc.) and 73 subsidiaries including QVC Inc. and Cornerstone Brands Inc. (“Cornerstone,” collectively with QVC Inc. and the other subsidiaries, the “company”) filed long anticipated chapter 11 bankruptcy cases in the Southern District of Texas (Judge Perez). The cases, as we discussed, surprised a lot of people in that they came in prepackaged form, purporting to tackle (i) a whole bunch of (billions of) debt and (ii) inter-company complexity. They also, much to the relief of general unsecured creditors (“GUCs”) accustomed to getting a massive 🖕in retail bankruptcies, provide for GUCs to get paid in full!
Awesome work, guys, guess we can just pack it up and call it a day.
Right. Not so fast.
In Sunday’s a$$-kicking briefing (that we paywalled right in the middle of the action to troll the free-riders among you), we mentioned that there were various parties in interest at the top blue QVCG box👇 …
… you know, the box with “…no funded debt, a big pile of 💰, and a potentially valuable equity interest in Cornerstone,” who wanted to throw a wrench in the debtors’ plans. You can (maybe) read about the three different groups — two comprised solely of preferred stockholders and one a combination of common and preferred stockholders — who’d moved for the appointment of an official estate-funded committee of equityholders, much to the chagrin of debtors’ counsel, Kirkland & Ellis LLP, here 👇.
But things have moved since.
Nearly as quickly as the … count it … one … two … three … different pleadings hit the docket seeking the committee — first from Cleary Gottlieb Steen & Hamilton LLP, a joinder from Glenn Agre Bergman & Fuentes LLP, and a final one from Brown Rudnick LLP (“Brown Rudnick”) — this happened 👇.
And this 👇.
And, finally, this👇.
That last one was certainly saltier than its two predecessors:
LOL. The prefs — there’s $1.272b worth of them — apparently didn’t feel like playing piggyback with common here and be like:
Oh. And also:
