KServicing receives extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Feb. 15 – Kabbage, Inc., which does business as KServicing, secured an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed with the U.S. Bankruptcy Court for the District of Delaware.

The court extended the exclusive plan filing period through May 1 and the exclusive solicitation period through July 3.

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

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.

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.

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