Banking Recap

Restructuring Announced for $5.00B

Liberty Interactive Corporation and QVC Inc. jointly announced a Chapter 11 bankruptcy restructuring with a disclosed enterprise value of $5 billion. The transaction involves the reorganization of these entities under chapter 11 of the U.S. Bankruptcy Code, a product that falls within the restructuring advisory space. The announcement was made public through an SEC Form 8-K filing, which represents the official disclosure vehicle for this material corporate action.

Aug 7, 2026·SEC EDGAR (8-K)·announced·ch11

Deal value

The transaction was announced via SEC EDGAR filing on August 7, 2026, as documented in a Form 8-K submission. This represents an announced restructuring, meaning the parties have publicly disclosed the transaction terms but the Chapter 11 process remains in progress toward confirmation and emergence.

The company engaged Evercore Group L.L.C. as its primary financial advisor on the restructuring. Additionally, AlixPartners, LLP was retained as restructuring advisor to the company, providing specialized advisory services focused on operational and financial restructuring matters. On the creditor side, multiple financial advisors were appointed to represent distinct stakeholder groups. Centerview Partners LLC was retained as financial advisor to the ad hoc noteholders of Liberty Interactive (LINTA), representing the interests of holders of unsecured notes in that entity. PJT Partners LP serves as financial advisor to the ad hoc noteholders of QVC Inc., advising those creditors on their restructuring strategy. Lazard Frères & Co. LLC was engaged as financial advisor to the revolving credit facility lender group, representing the secured lender constituency.

No legal advisors were disclosed in the available filing materials.

The restructuring contemplates a total enterprise value of $5 billion as the disclosed valuation metric for the reorganized entities emerging from the Chapter 11 process. Beyond this headline figure, the specific structure of the plan of reorganization, the treatment of various claim classes, the distribution waterfall, and any consideration to be received by equity holders or creditors have not been disclosed in the materials reviewed.

The timeline for emergence from Chapter 11 is not disclosed, nor has a projected effective date for the plan of reorganization been announced. Additionally, the specific consideration mix as between cash, new equity, or debt instruments in the reorganized entities is not detailed in the available filing. The allocation of value among different classes of creditors and the treatment of unsecured claims remain unspecified in the disclosed information to date.