Former iMedia seeks third extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Feb. 6 – Legacy IMBDS, Inc., formerly iMedia Brands, Inc., is seeking a third extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The company asked the court to extend the exclusive plan filing period through March 11 from Feb. 8 and the exclusive solicitation period through May 9 from April 8.

On Jan. 31, the debtors filed a motion seeking approval of a settlement with Synacor, Inc. and IV Media, LLC. The company said the settlement is the culmination of good faith negotiations among the parties to address issues raised by Synacor with respect to the debtors’ asset sale to IV Media and the proposed plan.

“Approval of the 9019 motion is the last hurdle standing in the way of what the debtors otherwise believe will be a fully consensual hearing to confirm the plan,” the company said in the motion.

The plan confirmation hearing is scheduled for Feb. 21.

iMedia Brands is an interactive media company based in Eden Prairie, Minn. The company filed bankruptcy on June 28, 2023 under Chapter 11 case number 23-10852.

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