For those who search for a good implementation of modified UTF-7 encoding for IMAP, you can find a code that works on :
http://tananyag.ntszki.hu/mail/functions/imap_utf7_local.php
The result is different from imap-utf7-encode() function and is identical to mailbox name generated by Thunderbird.