SVB Financial asks for 120-day extension of exclusive periods

By Sarah Lizee

Olympia, Wash., July 17 – SVB Financial Group is seeking a 120-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Friday 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 Nov. 12 and the exclusive solicitation period through Jan. 11.

The company said that while it has not made a decision on the path to resolution of its case, it has made progress on its dual-track sale and restructuring processes.

SVB said it is seeking the extension to ensure there is enough time to permit the debtor, without threat of interruption, to complete these processes and have an opportunity to file a plan of reorganization.

“Without this first requested extension of the exclusive periods, the debtor would face the risk of a third-party filing a competing plan, which would result in considerable disruption and uncertainty to the company’s business and future prospects and, as a result, the possibility of considerable harm to the value of the debtor’s assets to the detriment of all stakeholders,” SVB said in the motion.

A hearing is scheduled for Aug. 15.

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

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