iMedia Brands (IMBIQ) has issued an announcement.
Legacy IMBDS, Inc. and its subsidiaries, currently navigating bankruptcy proceedings, have received court approval for their liquidation plan. This plan, effective in the first quarter of 2024, establishes a trust to liquidate assets and settle claims. Secured and priority claim holders will receive agreed-upon payments, while unsecured creditors will share in any proceeds. However, common stockholders will not receive distributions, and their shares will be canceled. The company’s leadership will be disbanded on the effective date, marking a significant restructuring phase as the company addresses its financial challenges.
Learn more about IMBIQ stock on TipRanks’ Stock Analysis page.
