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Former iMedia Brands supplements plan info with liquidation analysis
Chicago, Nov. 1 – Legacy IMBDS, Inc., formerly known as iMedia Brands, Inc., filed a liquidation analysis as exhibit A for its combined plan on Tuesday, according to a filing with the U.S. Bankruptcy Court for the District of Delaware.
The analysis includes estimates for claims as Chapter 11 cases, and then a wind-down in a Chapter 7 liquidation scenario after a Dec. 9 conversion date.
All cash and cash equivalents should be available on the conversion date.
There are no secured claims.
A priority reserve fund would be established by a liquidating trustee in and amount to be determined by the trustee.
A professional fee escrow account would be established with cash.
Under Chapter 11, $1.5 million would be funded to a liquidation trust for general unsecured creditors, which would be transferred under Chapter 7 but with an unknown estimated value.
All causes of action would be retained.
Estate wind-down costs, professional fees and potential Chapter 7 trustee fees would be compensated in accordance with the guidelines.
Administrative claims would be linked to the payment of professional fee claims and paid in a pro rata amount. However, if the professional fee escrow account has been exhausted, the professional fees will be deferred until the liquidating trust pays $750,000 in distributions first to those beneficiaries.
Priority unsecured tax claims are expected to be not more than $648,000 and are expected to be satisfied.
There may be a priority unsecured non-tax claim.
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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