SVB Financial seeks third extension of exclusive periods

By Sarah Lizee

Olympia, Wash., April 25 – SVB Financial Group is seeking a third extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the company asked the court to extend the exclusive plan filing period through July 9 and the exclusive solicitation period through Aug. 8.

As previously reported, the company filed a plan in January. A disclosure statement was set for April 9, but was delayed to allow for discussions on key economic issues, the company said.

SVB said the exclusivity extension will ensure there is adequate time to permit the debtor, without the threat of interruption, to complete the restructuring process.

A hearing is scheduled for June 5.

The financial services and bank holding company is based in Santa Clara, Calif. The company filed bankruptcy on March 17, 2023 under Chapter 11 case number 23-10367.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.