SVB Financial gets 75-day extension of exclusive periods

By Sarah Lizee

Olympia, Wash., Nov. 30 – SVB Financial Group secured a 75-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the court extended the exclusive plan filing period through Jan. 26 from Nov. 12 and the exclusive solicitation period through March 26 from Jan. 11.

This is the company’s second exclusivity extension.

The company said in its motion seeking the extension 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.

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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