Preferred equity holders of QVC Group urged a judge to appoint an official committee for them in the television shopping network’s bankruptcy, arguing its proposed restructuring would improperly wipe them out.
QVC’s bankruptcy plan would siphon off all of the company’s available value for the benefit of creditors of a subsidiary and leave preferred shareholders with nothing, three investors said in a motion filed Monday in the US Bankruptcy Court for the Southern District of Texas.
Cygnus Capital, William Pulman, and Kevin Barnes—who hold preferred stock in QVC Group—said the company’s prepackaged plan can’t be approved by the court. In ...