Former iMedia’s Chapter 11 plan hearing moved to Jan. 19

By Sarah Lizee

Olympia, Wash., Jan. 5 – Legacy IMBDS, Inc.’s (formerly iMedia Brands, Inc.) hearing on confirmation of its Chapter 11 plan of liquidation has been moved to Jan. 19 from Jan. 8, according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware.

The plan has drawn some objections, including from the U.S. trustee overseeing the case, creditor Synacor, Inc., and the official committee of unsecured creditors.

Regions 3 and 9 U.S. trustee Andrew R. Vara said the court should deny confirmation because the plan includes inappropriate language regarding the obligation to properly report disbursements and to pay statutory fees to the U.S. trustee.

Synacor argues the plan unfairly prejudices it by unjustifiably determining the extent of Synacor’s secured claim and designating Synacor as a class 4 unsecured creditor.

The creditors committee’s main issue is with the plan’s releases, which it called “fundamentally unfair” to creditors.

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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