Order Authorizing and Approving Settlement Agreement Between KServicing and Customers Bank

Record facts

U.S. Bankruptcy Court for the District of Delaware · No. 22-10951 · Doc. 232 · 2022-11-09 · Docket on CourtListener

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RLF1 28214874v.1 
UNITED STATES BANKRUPTCY COURT 
DISTRICT OF DELAWARE 
------------------------------------------------------------ x 
 
 
: 
 
In re 
: 
Chapter 11 
 
: 
 
KABBAGE, INC. d/b/a KSERVICING, et al., : 
Case No. 22–10951 (CTG) 
 
: 
 
 
: 
 
Debtors.1 
: 
(Jointly Administered) 
 
 
 
: 
Re: Docket Nos. 172, 206, 211 & 213 
------------------------------------------------------------ x  
ORDER (I) AUTHORIZING AND APPROVING THE 
SETTLEMENT AGREEMENT BETWEEN KSERVICING 
AND CUSTOMERS BANK AND (II) GRANTING RELATED RELIEF 
 
Upon the motion (the “Motion”),2 of Kabbage, Inc. d/b/a KServicing (the “Company”) 
and its debtor affiliates, as debtors and debtors in possession in the chapter 11 cases (collectively, 
the “Debtors”), requesting entry of an order (i) authorizing entry into and approval of the 
Settlement Agreement, between the Company and CB (together, the “Parties”), substantially in 
the form attached hereto as Exhibit 1, and (ii) granting related relief, all as more fully set forth in 
the Motion; and the Court having jurisdiction to consider the Motion and the relief requested 
therein pursuant to 28 U.S.C. 157(a)–(b) and 1334(b); and the Amended Standing Order of 
Reference from the United States District Court for the District of Delaware, dated February 29, 
2012; and consideration of the Motion and the requested relief being a core proceeding pursuant 
to 28 U.S.C. § 157(b); and venue being proper before this Court pursuant to 28 U.S.C. §§ 1408 
 
1  The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification 
number, as applicable are: Kabbage, Inc. d/b/a KServicing (3937); Kabbage Canada Holdings, LLC (N/A); Kabbage 
Asset Securitization LLC (N/A); Kabbage Asset Funding 2017-A LLC (4803); Kabbage Asset Funding 2019-A 
LLC (8973); and Kabbage Diameter, LLC (N/A). Kabbage is a trademark of American Express used under license; 
Kabbage, Inc. d/b/a KServicing is not affiliated with American Express. The Debtors’ mailing and service address 
is 925B Peachtree Street NE, Suite 383, Atlanta, GA 30309. 
2  Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms 
in the Motion.  
Case 22-10951-CTG    Doc 232    Filed 11/09/22    Page 1 of 3

 
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RLF1 28214874v.1 
and 1409; and due and proper notice of the Motion having been provided; and such notice having 
been adequate and appropriate under the circumstances, and it appearing that no other or further 
notice need be provided; and this Court having held a hearing on November 7, 2022 (the 
“Hearing”) where it considered the relief requested in the Motion and Cross River Bank’s 
Objection to Debtors’ Motion for Entry of an Order (I) Authorizing and Approving the Settlement 
Agreement Between KServicing and Customers Bank and (II) Granting Related Relief [Docket No. 
206] (the “Objection”), the Debtors’ Reply in Support of Debtors’ Motion for Entry of an Order 
(I) Authorizing and Approving the Settlement Agreement Between KServicing and Customers Bank 
and (II) Granting Related Relief [Docket No. 213], the First Day Declaration, the Declaration of 
Laquisha Milner in Support of Debtors’ Motion for Entry of an Order (I) Authorizing and 
Approving the Settlement Agreement Between KServicing and Customers Bank and (II) Granting 
Related Relief [Docket No. 211] and the statements of counsel and the evidence adduced with 
respect to the Motion at the Hearing; and this Court having determined that the legal and factual 
bases set forth in the Motion establish just cause for the relief granted herein; and it appearing that 
the relief requested in the Motion is in the best interests of the Debtors, their estates, creditors, and 
all parties in interest; and upon all of the proceedings had before the Court and after due 
deliberation and sufficient cause appearing therefor, 
IT IS HEREBY ORDERED THAT: 
1. 
The Motion is GRANTED and the Objection is OVERRULED for the 
reasons set forth on the record at the Hearing. 
2. 
The Company is hereby authorized to enter into the Settlement Agreement.    
3. 
The Company is hereby authorized to enter into, perform, execute, and 
deliver all documents, and take all actions, necessary to immediately continue and fully implement 
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RLF1 28214874v.1 
the Settlement Agreement in accordance with the terms, conditions, and agreements set forth in 
the Settlement Agreement, including entry into the Settlement Agreement, all of which are hereby 
approved.   
4. 
The requirements of Bankruptcy Rule 6004(a) are waived. 
5. 
Notwithstanding Bankruptcy Rule 6004(h), the terms and conditions of this 
Order are immediately effective and enforceable upon its entry. 
6. 
The Debtors and CB are authorized to take all actions necessary or 
appropriate to carry out the relief granted in this Order. 
7. 
This Court shall retain jurisdiction to hear and determine all matters arising 
from or related to the implementation, interpretation, or enforcement of this Order. 
Dated: November 9th, 2022 
Wilmington, Delaware
CRAIG T. GOLDBLATT 
UNITED STATES BANKRUPTCY JUDGE
Case 22-10951-CTG    Doc 232    Filed 11/09/22    Page 3 of 3

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