QVC Shareholders Claim Firm Giving Their Value to Creditors

Shareholders of bankrupt television shopping network QVC accused the company of wrongly trying to divert hundreds of millions of dollars’ worth of assets to creditors as part of a proposal to cut debt and end the company’s insolvency case.

The investors — who hold shares of QVC Group Inc., the parent company — argued that they should get to keep nearly $200 million in cash and a majority stake in home goods retailer Cornerstone Brands because those assets are held by the parent, not the subsidiaries that owe billions in debt. QVC Group is a holding company without operations and has no significant debt.