Former iMedia’s Chapter 11 plan accepted by all voting classes

By Sarah Lizee

Olympia, Wash., Feb. 16 – Legacy IMBDS, Inc.’s (formerly iMedia Brands, Inc.) reported the voting results of its Chapter 11 plan of liquidation in a tabulation summary filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The results are as follows:

• One holder of $242,331.52, or 100%, of unsecured claims against FL Acquisition Co., voted to accept the plan;

• 280 holders, or 70.7% in number, of $50.65 million, or 66.8% in amount, of unsecured claims against Legacy IMBDS voted to accept the plan, while 116 holders, or 29.3% in number, of $25.16 million, or 33.2% in amount, voted to reject the plan; and

• One holder of $4.71 million, or 100% in amount, of unsecured claims against Portal Acquisition Co. voted to accept the plan.

No ballots were counted from holders of unsecured claims against 867 Grand Avenue, LLC, JWH Acquisition Co., PW Acquisition Co., LLC, ValueVision Interactive, Inc. and ValueVision Media Acquisitions, Inc. were, resulting in acceptance from each of those classes.

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 under Chapter 11 case number 23-10852.

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