BRIEF-Imedia Brands Enters Into An Asset And Equity Purchase Agreement With Rnn National Media Group

Reuters2023-07-08

July 7 (Reuters) - iMedia Brands Inc :

* IMEDIA BRANDS ENTERS INTO AN ASSET AND EQUITY PURCHASE AGREEMENT WITH RNN NATIONAL MEDIA GROUP

* IMEDIA BRANDS INC - COMPANY'S OPERATIONS WILL CONTINUE UNINTERRUPTED

* IMEDIA BRANDS INC - TRANSACTION TO BE CONSUMMATED THROUGH COURT-SUPERVISED PROCESS

* IMEDIA BRANDS INC - ENTERED INTO AN ASSET AND EQUITY PURCHASE AGREEMENT TO SELL SUBSTANTIALLY ALL OF COMPANY'S ASSETS

* IMEDIA BRANDS INC - INTENDS TO EFFECTUATE TRANSACTION WITH RNN THROUGH ITS ONGOING CHAPTER 11 CASES IN U.S. BANKRUPTCY COURT FOR DISTRICT OF DELAWARE

* IMEDIA BRANDS - BANKRUPTCY COURT APPROVED $15 MILLION IN NEW DEBTOR-IN-POSSESSION FINANCING FROM CERTAIN OF COMPANY'S EXISTING SECURED LENDERS AND RNN

* IMEDIA BRANDS - NEW FINANCING WITH CASH GENERATED FROM ONGOING OPERATIONS,WILL PROVIDE SUFFICIENT LIQUIDITY TO SUPPORT OPERATIONS DURING SALE PROCESS

* IMEDIA BRANDS - RECEIVED BANKRUPTCY COURT'S APPROVAL OF A NUMBER OF CUSTOMARY MOTIONS TO CONTINUE SUPPORTING ITS OPERATIONS DURING CHAPTER 11 CASES

Source text for Eikon: Further company coverage:

((Reuters.Briefs@thomsonreuters.com;))

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