Preferred shareholders of QVC Group Inc. protested the television shopping network’s bankruptcy plan, alleging it strips its parent company of assets and extinguishes $1.4 billion in preferred stock.
The $400 million settlement included in the bankruptcy plan to resolve potential billion-dollar claims among related entities takes away assets from the holding company to fund recoveries for its subsidiaries’ creditors, the shareholders said. They filed their objection Monday to Judge Alfredo R. Pérez of the US Bankruptcy Court for the Southern District of Texas.
“The absence of disclosure is powerful evidence that no one at the company contemporaneously believed any claims ...