SVB Financial eyes 75-day extension of exclusive periods

By Sarah Lizee

Olympia, Wash., Nov. 13 – SVB Financial Group is seeking a 75-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 Jan. 11 from Nov. 12 and the exclusive solicitation period through March 26 from Jan. 11.

This is the company’s second request for an exclusivity extension.

The company said in its motion 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 disruption, to complete the dual-track process, build consensus among key creditor groups and have an opportunity to file a plan of reorganization.

A hearing is scheduled for Nov. 29.

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.

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