QVC in Restructuring Support Agreement With Some Lenders

QVC Group enters Restructuring Support Agreement with majority of lenders and starts prepackaged court-supervised process in US to implement plan, excluding international operations.

• No planned layoffs or furloughs in connection with RSA; all team members should fully expect to continue receiving wages, benefits without interruption
  • Vendors, suppliers and all other general unsecured creditors of the filing entities to be paid in full for all goods and services
• All QVC group brands are operating as usual
• Debt will be reduced to $1.3b from ~$6.6b after RSA
• Will emerge as Reorganized QVC after RSA, targeting emergence from RSA within ~90 days
• Had ...