---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-058544"
form_type: "8-K"
ticker: null
cik: "0000870826"
company_name: "Legacy IMBDS, Inc."
filed_at: "2023-05-10T23:59:59+00:00"
generated_at: "2026-06-15T07:35:53.393415+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# iMedia Brands receives acceleration notice on $10M note; payment due May 11

## Summary
- Synacor accelerated $10M secured promissory note; demands ~$6.155M by May 11 after ~$3.845M offset.
- Cross-default triggered under Siena Lending Group credit facility; forbearance agreement terminated.
- Company working with Synacor to negotiate rescission of acceleration and avoid immediate payment.
- Note issued by subsidiary Portal Acquisition Co. and guaranteed by iMedia Brands.

## SEC filing metadata
- accession: 0001104659-23-058544
- form_type: 8-K
- cik: 0000870826
- company_name: Legacy IMBDS, Inc.
- filed_at: 2023-05-10T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.04, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/870826/000110465923058544/0001104659-23-058544-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/870826/000110465923058544/tm2315303d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-058544
- JSON: https://secwatch.observer/filing/0001104659-23-058544.json
- Plain text: https://secwatch.observer/filing/0001104659-23-058544.txt

## Key facts
- Debt Financings
  Legacy IMBDS, Inc. faced acceleration on senior notes of original principal amount of $10,000,000 with Synacor, Inc..
  - Instrument: senior notes
  - Principal: original principal amount of $10,000,000
  - Counterparty: Synacor, Inc.
  - Event: acceleration
  source text: On May 4, 2023, iMedia Brands, Inc. (the "Company") received a Notice of Acceleration and Demand for Payment (the "Synacor Notice") from Synacor, Inc. ("Synacor") dated May 4, 2023, with respect to the following documents (collectively, the "Synacor Documents"): (i) the Secured Promissory Note dated July 30, 2021, by the Company’s wholly-owned subsidiary, Portal Acquisition Company ("Portal"), in favor of Synacor in the original principal amount of $10,000,000 (the "Note"), which includes the guarantee of the Company in favor of Synacor (the "Guarantee")
  evidence_url: https://www.sec.gov/Archives/edgar/data/870826/000110465923058544/0001104659-23-058544-index.htm
- Debt Financings
  Legacy IMBDS, Inc. reported a default on credit facility with Siena Lending Group LLC.
  - Instrument: credit facility
  - Counterparty: Siena Lending Group LLC
  - Event: default
  source text: The events giving rise to the Synacor Notice also constitutes an event of default under the Loan and Security Agreement dated July 30, 2021 (as amended, the "Loan and Security Agreement"), by and among the Company, as the lead borrower, certain of its subsidiaries party thereto as borrowers, Siena Lending Group LLC ("Siena") and the other financial institutions party thereto from time to time as lenders, Siena, as agent, and certain additional subsidiaries of the Company, as guarantors thereunder.
  evidence_url: https://www.sec.gov/Archives/edgar/data/870826/000110465923058544/0001104659-23-058544-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.