QVC Group, Inc. (QVCGA) presents a deeply negative liquidation recovery posture as of December 31, 2025. MFFAIS reports a cash liquidation value of negative $5.28B and an operating liquidation value of negative $4.31B, confirming that under a stop-and-liquidate scenario, equity holders receive zero and senior creditors face material shortfalls. Total assets of $7.64B are offset by total liabilities of $10.66B, producing book equity of negative $3.02B including noncontrolling interest. Under liquidation haircuts, the picture deteriorates further. Cash of $1.97B recovers at par. Gross receivables of $995M haircut to ~$900M at 90-95%. Inventory of $972M recovers at approximately $583M at 60%. PP&E net book value of $401M (gross $1.38B, accumulated depreciation $974M) recovers at 50-70%, yielding roughly $200-280M. The ROU asset of $570M yields zero in liquidation, as operating lease obligations of $618M survive at face value. Goodwill of $800M and indefinite-lived trade names of $1.19B and finite-lived intangibles net $336M all recover at zero under the lens. Aggregate intangibles and goodwill of approximately $2.33B represent carried balances that generate no liquidation recovery yet required significant cash to acquire. The liability stack is severe: $5.05B of long-term debt classified current (the $2.9B revolving credit facility matures October 2026, confirmed via prior 10-Q going concern disclosure), plus $790M noncurrent long-term debt, $6.67B total current liabilities, $801M accrued liabilities, $701M accounts payable, and $618M operating lease liability at face. The $1.37B mandatorily redeemable preferred (SharesSubjectToMandatoryRedemptionSettlementTermsAmountNoncurrent) adds further senior claims. During FY2025, QVC recorded $1.48B goodwill impairment and $930M tradename impairment (total $2.41B), compressing already-depleted intangible asset values. Retained earnings deficit stands at $3.53B. The $88M preferred dividend arrearage is an additional accrued claim. The filing is a 10-K/A (amendment), focused on Part III proxy items; no balance sheet restatements are evident. The prior 10-Q (Q3 2025) already flagged going concern due to the Credit Facility maturity and covenant breach risk. The annual filing does not separately tag the going concern conclusion in XBRL, though the Q3 filing narrative discussed it explicitly.
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