QVC Shareholders Claim Firm Giving Away Their Value to Creditors

Shareholders of bankrupt television shopping network QVC have accused the company of wrongly trying to give away hundreds of millions dollars worth of assets to other stakeholders 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 company, not the subsidiaries that owe billions in debt. QVC Group is a holding company without operations and has no significant debt.