Summit Financial proposes portfolio sale procedures, plan deadlines

By Caroline Salls

Pittsburgh, Nov. 21 – Summit Financial Corp. requested court approval of the bidding procedures for the proposed sale of its consumer loan portfolio, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Florida.

Summit is also seeking court approval of various deadlines in connection with the confirmation of its Chapter 11 plan.

Under the proposed procedures, bids for the consumer loan portfolio would be due on Dec. 11 and the company would have until Dec. 14 to file the terms of any stalking horse bid agreement.

An auction would be held on Dec. 17 and the sale hearing on Dec. 20.

Summit said the sale must close by Jan. 9.

Meanwhile, the company is asking the court to set Dec. 21 as the deadline for objections to claims, Jan. 7 as the deadline for submitting plan votes and filing plan objections and Jan. 22 as the plan confirmation hearing date.

Plantation, Fla.-based Summit provides financing by purchasing and servicing retail installment sales contracts. The company filed bankruptcy on March 23, 2018 under Chapter 11 case number 18-13389.

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