The US Bankruptcy Court approved the third revised combined plan of liquidation and disclosure statement of iMedia Brands, Inc. on February 21, 2024. The debtor has filed its revised plan in the Court on December 20, 2023. As per the amended plan, Legacy IMDBS, Inc. filed a joint plan of liquidation with related disclosure statement in the US Bankruptcy Court on October 27, 2023.

As per the plan filed, administrative claims, statutory fees, priority tax claims, other priority claims, professional fee claims, secured tax claims and other secured claims shall be paid in full in cash. Section 510(b) Claims shall be cancelled. Intercompany claims and intercompany interests shall be reinstated.

Interests in Legacy IMBDS shall be cancelled. Unsecured Claims shall be recovered 2% in cash. The plan shall be funded through cash in hand and sale of assets.