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Popular TV channel watched by millions at risk of collapsing after 32 years on air
The parent of QVC and HSN said it could not file on time as it negotiates with creditors over $2.9 billion in debt, Bloomberg reported.
- QVC Group Inc missed a key regulatory filing deadline and admitted "substantial doubt" regarding its ability to continue operating as the parent company of QVC and HSN enters debt restructuring discussions with creditors.
- The company faces $2.9 billion in debt due in October, compounded by long-term viewer declines that have pressured the 32-year-old channel to seek urgent restructuring negotiations.
- QVC Group CFO Bill Wafford confirmed that ongoing debt negotiations delayed the preparation of financial statements, with the company telling the Securities and Exchange Commission it could not submit reports "without unreasonable effort or expense."
- Reports suggest any potential bankruptcy would involve Chapter 11 protection, allowing operations to continue during restructuring; Broadband TV News reports the group intends to file its delayed results within 15 days.
- Remaining "on the brink" of collapse, the channel—which broadcasts 364 days a year—continues to face creditor scrutiny regarding its ability to survive the current liquidity crisis.
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Telegraph & Argus+26 Reposted by 26 other sources
Popular TV channel watched by millions at risk of collapsing after 32 years on air
QVC launched in the UK in October 1993 and became the UK's first full-time home shopping channel, but is now at risk of collapsing.
·Bradford, United Kingdom
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Total News Sources28
Leaning Left1Leaning Right0Center24Last UpdatedBias Distribution96% Center
Bias Distribution
- 96% of the sources are Center
96% Center
C 96%
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