Our First Corporate Workout

In August 2026, following QVC Group’s emergence from Chapter 11, Whitener Associates completed its first corporate workout. We began purchasing the company’s senior secured notes in January 2025, added to the investment as circumstances developed, and made our final substantial purchases in June and July 2026. Depending on the purchase date, our non-annualized returns ranged from approximately 20% to 62%.

The gains were gratifying. The education was better. Following a business and its capital structure through distress, bankruptcy, and reorganization with our own capital at risk taught us lessons that no case study could have supplied. We expect their value to compound for decades.