Court filing
Plan Supplement (First) — In re KServicing
Filed February 21, 2023 in Kservicing Bankruptcy; one of 140 filings from this case.
Record facts
| Court | U.S. Bankruptcy Court for the District of Delaware |
|---|---|
| Filed | 2023-02-21 |
U.S. Bankruptcy Court for the District of Delaware · No. 22-10951 · Doc. 561 · 2023-02-21 · Docket on CourtListener
Full text
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
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:
Chapter 11
In re
:
:
Case No. 22-10951 (CTG)
KABBAGE, INC. d/b/a KSERVICING, et al., :
:
(Jointly Administered)
:
Debtors.1
:
Re: Docket Nos. 466 & 467
:
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NOTICE OF FILING OF SUPPLEMENT
TO THE AMENDED JOINT CHAPTER 11 PLAN OF LIQUIDATION
OF KABBAGE, INC. (d/b/a KSERVICING) AND ITS AFFILIATED DEBTORS
PLEASE TAKE NOTICE that on October 3, 2022 (the “Petition Date”),
Kabbage, Inc. (d/b/a KServicing) and its debtor affiliates, as debtors and debtors in possession in
the above-captioned chapter 11 cases (collectively, the “Debtors”), commenced cases under
chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the
District of Delaware (the “Court”).
PLEASE TAKE FURTHER NOTICE that, on January 19, 2023, the Debtors
filed the solicitation versions of the Amended Joint Chapter 11 Plan of Liquidation of Kabbage,
Inc. (d/b/a KServicing) and its Affiliated Debtors [Docket No. 466] (as may be amended, further
supplemented, or modified from time to time, the “Plan”) and the Amended Disclosure Statement
for the Amended Joint Chapter 11 Plan of Liquidation of Kabbage, Inc. (d/b/a KServicing) and Its
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.
Case 22-10951-CTG Doc 561 Filed 02/21/23 Page 1 of 5
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Affiliated Debtors [Docket No. 467] (as may be amended, further supplemented, or modified from
time to time the “Disclosure Statement”) with the Court.2
PLEASE TAKE FURTHER NOTICE that, on January 19, 2023, the Court
entered the Order (I) Approving the Disclosure Statement of the Debtors, (II) Establishing
Solicitation, Voting, and Related Procedures, (III) Scheduling Confirmation Hearing, (IV)
Establishing Notice and Objection Procedures for Confirmation of Plan, (V) Approving Special
Electronic Noticing Procedures, (VI) Approving Debtors’ Proposed Cure Procedures for
Unexpired Leases and Executory Contracts, and (VII) Granting Related Relief (the “Disclosure
Statement Order”) that, among other things, approved the Disclosure Statement, authorized the
Debtors to solicit votes to accept or reject the Plan, and scheduled a confirmation hearing of the
Plan for March 13, 2023 at 10:00 a.m. (prevailing Eastern Time) (the “Hearing”). Pursuant to the
Disclosure Statement Order, the Hearing may be continued from time to time without further
notice other than an adjournment announced in open court or a notice of agenda filed with the
Court.
PLEASE TAKE FURTHER NOTICE that, the Plan and Disclosure Statement
contemplate the submission of certain documents, schedules, and exhibits (as they may be
modified, amended, or supplemented from time to time, collectively, the “Plan Supplement”) in
advance of the Hearing. The documents contained in this Plan Supplement are integral to, part of,
and incorporated by reference into the Plan and the Disclosure Statement.
PLEASE TAKE FURTHER NOTICE that, in accordance with the Plan and the
Disclosure Statement Order, the Debtors hereby file the following Plan Supplement documents:
2 Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Plan or
Disclosure Statement, as applicable.
Case 22-10951-CTG Doc 561 Filed 02/21/23 Page 2 of 5
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PLEASE TAKE FURTHER NOTICE that, certain documents, or portions
thereof, contained in this Plan Supplement are not final and remain subject to continuing
negotiations among the Debtors and other interested parties. Subject to the terms and conditions
of the Plan and the Disclosure Statement Order, the Debtors reserve all rights to amend, revise, or
supplement this Plan Supplement, and any of the documents and designations contained herein, at
any time before the Effective Date of the Plan, or any such other date as may be provided for by
the Plan, the Disclosure Statement Order, or by order of the Bankruptcy Court.
PLEASE TAKE FURTHER NOTICE that the Plan Supplement, including the
documents therein, may be viewed free of charge by visiting the website maintained by the
Debtors’ claims, noticing and solicitation agent, Omni Agent Solutions, Inc. (“Omni”), at
http://www.omniagentsolutions.com/kservicing. Additionally, copies of the Plan Supplement and
the documents therein may be obtained by contacting Omni (i) in writing at Kabbage, Inc. d/b/a
KServicing, et al., c/o Omni Agent Solutions, Solicitation Team, 5955 De Soto Ave., Suite 100,
3 The Assumption Schedule attached to this Plan Supplement contains executory contracts and unexpired leases
proposed to be assumed by the Debtors for use by the Wind Down Estates in both the PPP Transfer scenario and the
Post-Effective Date Servicing scenario. In the event the Debtors elect to pursue the PPP Transfer scenario, the
Debtors reserve the right to file a proposed assumption schedule identifying additional executory contracts and
unexpired leases to be assumed and assigned to third parties, as applicable. Alternatively, in the event the Debtors
elect to pursue the Post-Effective Date Servicing scenario, the Debtors reserve the right to file a proposed assumption
schedule identifying additional executory contracts and unexpired leases to be assumed for the benefit of the Wind
Down Estates. The Assumption Schedule is being filed for informational purposes. Counterparties to any contracts
or leases that are proposed to be assumed pursuant to the Plan will receive separate notice of the deadline to object
to such assumption and the related cure amount.
Exhibit
Plan Supplement Document
A
Assumption Schedule3
B
Non-Exclusive Schedule of Causes of Action
C
Wind Down Budget
D
Selection of the Wind Down Officer
E
Wind Down Agreement
Case 22-10951-CTG Doc 561 Filed 02/21/23 Page 3 of 5
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Woodland Hills, CA 91367, (ii) by email at kservicinginquiries@omniagnt.com, or (iii) by
telephone at 866-956-2138 (U.S. & Canada toll free) or 747-226-5953 (international). You may
also obtain copies of any pleadings filed in these chapter 11 cases, including the Plan Supplement,
for a fee via PACER at http://www.deb.uscourts.gov.
[Remainder of page intentionally left blank]
Case 22-10951-CTG Doc 561 Filed 02/21/23 Page 4 of 5
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Dated: February 21, 2023
Wilmington, Delaware
/s/ Matthew P. Milana
RICHARDS, LAYTON & FINGER, P.A.
Daniel J. DeFranceschi, Esq. (No. 2732)
Amanda R. Steele (No. 5530)
Zachary I. Shapiro (No. 5103)
Matthew P. Milana (No. 6681)
One Rodney Square
920 North King Street
Wilmington, Delaware 19801
Telephone: (302) 651-7700
E-mail: defranceschi@rlf.com
steele@rlf.com
shapiro@rlf.com
milana@rlf.com
-and-
WEIL, GOTSHAL & MANGES LLP
Ray C. Schrock (admitted pro hac vice)
Candace M. Arthur (admitted pro hac vice)
Natasha S. Hwangpo (admitted pro hac vice)
Chase A. Bentley (admitted pro hac vice)
767 Fifth Avenue
New York, New York 10153
Telephone:
(212) 310-8000
E-mail:
ray.schrock@weil.com
candace.arthur@weil.com
natasha.hwangpo@weil.com
chase.bentley@weil.com
Attorneys for Debtors and Debtors in
Possession
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