iMedia Brands names IV Media winning bidder for its assets

By Sarah Lizee

Olympia, Wash., Aug. 11 – iMedia Brands, Inc. named IV Media, LLC the winning bidder for its assets, according to a notice filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The purchase price under the asset purchase agreement is $39.95 million, a minimum cash shortfall, and assumed liabilities.

The company was previously seeking approval to sell its assets privately to RNN-TV Licensing Co. LLC for $27.45 million in cash, plus interest and fees; a minimum cash shortfall; a credit of $7.5 million plus interest, fees and expenses owed to the buyer in its capacity as a lender under the DIP facility; and assumed liabilities.

However, iMedia said its marketing efforts were successful and the debtors had an opportunity to drive higher and better value. As such, the company filed bid procedures and set an auction for the assets.

Following the auction, RNN-TV was named backup bidder.

The sale hearing set for Aug. 14.

iMedia Brands is an interactive media company based in Eden Prairie, Minn. The company filed bankruptcy on June 28 under Chapter 11 case number 23-10852.

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