KServicing asks court for extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Jan. 31 – Kabbage, Inc., which does business as KServicing, is seeking an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The company has already filed a plan and received approval of the disclosure statement. The confirmation hearing is scheduled for March 13.

The debtor has asked to extend the exclusive plan filing period through May 1 and the exclusive solicitation period through July 3.

The company said that given the substantial progress it has already made in its cases, any competing plan would be counterproductive to the process that key stakeholders are invested in.

Also, a vital component of the plan is the transition of the debtors’ servicing obligations, and no other party is better situated to develop and implement that transfer, the company said.

A hearing is set for Feb. 27.

The Atlanta-based servicer and subservicer of small business Paycheck Protection Program loans filed bankruptcy on Oct. 3 under Chapter 11 case number 22-10951.

© 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.