>Commencing the Chapter 11 Cases will constitute an event of default that accelerates the Company Parties’ respective obligations under (i) the4.750% Senior Secured Notes due 2027 (the “2027 Notes”),4.375% Senior Secured Notes due 2028 (the “2028 Notes”),6.875% Senior Secured Notes due 2029 (the “2029 Notes”),5.450% Senior Secured Notes due 2034 (the “2034 Notes”),5.950% Senior Secured Notes due 2043 (the “2043 Notes”),6.375% Senior Secured Notes due 2067 (the “2067 Notes”), and6.250% Senior Secured Notes due 2068 (the “2068 Notes” and, together with the 2027 Notes, 2028 Notes, 2029 Notes, 2034 Notes, 2043 Notes and 2067 Notes, the “QVC Notes”), issued by QVC, (ii) the3.75% senior unsecured exchangeable debentures due 2030,4.00% senior unsecured exchangeable debentures due 2029,8.25% senior unsecured debentures due 2030, and8.50% senior unsecured debentures due 2029 (collectively, the “LINTA Notes”), issued by Liberty Interactive LLC (“LI LLC”) and (iii) the Credit Facility. The Credit Facility, together with the QVC Notes and LINTA Notes, are herein referred to as the “Debt Instruments”. The Credit Facility and the QVC Notes provide that, as a result of the Chapter 11 Cases, the principal and interest due thereunder shall be immediately due and payable. The exchangeable senior debentures provide that the amount accelerated is the greater of (x) the current principal amount of the exchangeable senior debentures or (y) the market value of the reference shares, plus all accrued and unpaid interest and all pass-through distributions due with respect to the reference shares shall be immediately due and payable. **Any efforts to enforce such payment obligations under the Debt Instruments will be automatically stayed as a result of the Chapter 11 Cases, and the stakeholders’ rights of enforcement in respect of the Debt Instruments will be subject to the applicable provisions of the Bankruptcy Code, including the Automatic Stay. (emphasis added)**
SOURCE: [https://www.stocktitan.net/sec-filings/QVCC/10-k-qvc-inc-files-annual-report-a723dde47561.html](https://www.stocktitan.net/sec-filings/QVCC/10-k-qvc-inc-files-annual-report-a723dde47561.html)
So, everyone gets killed.
Interesting note: the most recent episode of [Bloomberg FICC Focus](https://www.bloomberg.com/podcasts/series/ficc-focus) podcast reveals the results of the Q2 2026 (Mar 31) Investor Survey. Mahesh Bhimalingam, the host, gets to the (high yield/junk) default question at 20:02: "How may defaults in this quarter?"
He notes the observation that every quarter, the investor survey says there will be 2 to 2.3 defaults. Every quarter. Which has been off for five quarters, as there have been zero defaults for five quarters.
This quarter I can count two: QVC and Nine Energy.
