Latham Advises on Financing for QVC’s Successfully Completed Financial Restructuring Process

Funds managed by Strategic Value Partners, LLC and its affiliates, along with Oaktree Capital Management, co-led a US$600 million asset-backed lending facility to support the successful financial restructuring of QVC, a leading Fortune 500 live shopping retail platform. The transaction coincides with QVC’s emergence from Chapter 11, where total debt was reduced by more than US$5 billion and a new leadership team has been established to enable QVC to both accelerate growth and further expand live shopping across social platforms, streaming apps, e-commerce sites, retail stores, and television networks.

Latham & Watkins LLP represented Strategic Value Partners, Oaktree Capital Management, and other financing sources in connection with the matter with a finance team led by Stelios Saffos, Global Chair of Latham’s Capital Markets and Hybrid Capital practices, Dan Seale, Global Chair of the Banking & Private Credit Practice, Jennifer Ezring, Global Chair of the Asset-Based Lending Group, and partner Victor Ludwig, with associates Tulika Sinha, Kay Han Lee, and Omar Adel, and a restructuring team led by Andrew Parlen, US Chair of the Restructuring Practice, and partner Joe Zujkowski, with associate Andrew Rudolph. Advice was also provided on uniform commercial code matters by partner Brian Rock; on payments regulatory matters by partner Parag Patel; and on tax matters by partner Bora Bozkurt, with associate Sam Yang.