QVC Group's May Operating Report Shows $17M Monthly Loss Amid Bankruptcy
QVCAQ has more than doubled off its 52-week low of $0.03.
Summary
QVC Group filed its May monthly operating report, revealing a $17.3 million loss for the month and a cash balance of $171 million against $1.4 billion in liabilities. The bankruptcy court confirmed the prepackaged restructuring plan, which will wipe out existing equity. This follows the court confirmation reported two days ago, but the new financial details show the company's ongoing cash burn and deep insolvency. The restructuring plan leaves nothing for current shareholders.
At the time of this announcement, QVCAQ was trading at $0.06 on OTC in the Trade & Services sector, with a market capitalization of approximately $505.3K. The 52-week trading range was $0.03 to $15.98. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Wiseek News.