KServicing gets court approval of Chapter 11 liquidation plan

By Wendy Van Sickle

Columbus, Ohio, March 13 – Kabbage, Inc., which does business as KServicing, said the amended joint Chapter 11 plan of liquidation of Kabbage and its affiliated debtors was approved by the U.S. Bankruptcy Court for the District of Delaware during a hearing Monday, according to a news release.

The company said it intends to expeditiously work towards satisfying the conditions precedent to consummate the plan and emerge from Chapter 11. The plan contemplates an orderly wind down of the company's business and operations under the supervision of the appointed wind-down officer Jeremiah Foster.

Borrowers will receive information about their new servicer as it becomes available. Until such time, KServicing will continue servicing its loan portfolio and borrowers.

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.