Emergency Bridge Order
- Date
- 2022-10-06
Summary
Exhibit B, filed October 6, 2022 as Doc 84-2 in In re Kabbage, Inc. d/b/a KServicing, et al., Case No. 22-10951 (CTG), in the U.S. Bankruptcy Court for the District of Delaware, reproduces the Emergency Bridge Order Authorizing Debtors' Postpetition Use of Cash Management System on an Interim Basis Pending a Further Hearing. The order, signed by Bankruptcy Judge Craig T. Goldblatt and dated October 4th, 2022, authorizes the Debtors to keep managing cash under their Cash Management System pending the First Day Hearing on the Cash Management Motion, Docket No. 12. It recites that the U.S. Trustee and the Federal Reserve Bank of San Francisco do not oppose the relief. It takes effect immediately, requires segregation of PPPLF Collateral proceeds in the Synovus Servicing Account for the Reserve Bank, and lasts only until a subsequent order is entered.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
Full text
Case 22-10951-CTG Doc 84-2 Filed 10/06/22 Page 1 of 4
EXHIBIT B
Emergency Bridge Order
RLF1 28050130v.1
Case
Case22-10951-CTG
22-10951-CTG Doc
Doc84-2
43 Filed
Filed10/04/22
10/06/22 Page
Page12ofof34
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)
:
: (Jointly Administered)
1
Debtors. :
: Ref. Docket No. 12
------------------------------------------------------------ x
EMERGENCY BRIDGE ORDER AUTHORIZING DEBTORS’
POSTPETITION USE OF CASH MANAGEMENT SYSTEM ON AN INTERIM
BASIS PENDING A FURTHER HEARING
WHEREAS, 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 with the Court voluntary cases under
chapter 11 of title 11 of the United States Code;
WHEREAS, the Court has scheduled a hearing on October 6, 2022 at 9:30 a.m.
(Eastern Time) (the “First Day Hearing”) to consider various motions filed by the Debtors
requesting “first day” relief, including the Motion of Debtors for Entry of Interim and Final Orders
(I) Authorizing Debtors to (A) Continue Using Existing Cash Management System, Bank Accounts,
and Business Forms, (B) Implement Changes to Cash Management in the Ordinary Course of
Business; and (II) Granting Related Relief [Docket No. 12] (the “Cash Management Motion”),
which seeks authorization to, among other things, continue the Debtors’ use of their cash
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.
RLF1 28023377v.1
Case
Case22-10951-CTG
22-10951-CTG Doc
Doc84-2
43 Filed
Filed10/04/22
10/06/22 Page
Page23ofof34
management system (the “Cash Management System”), as further described in the Cash
Management Motion;
WHEREAS, the Debtors require the ability to continue to use their Cash
Management System in accordance with prepetition practices in order to operate their business
between the Petition Date and the First Day Hearing; and
WHEREAS, the Office of the United States Trustee for the District of Delaware (the
“U.S. Trustee”) and the Federal Reserve Bank of San Francisco (the “Federal Reserve”) do not
oppose the relief granted by this Order.
IT IS HEREBY ORDERED THAT: 2
1. Pending a further hearing on the Cash Management Motion at the First Day
Hearing, the Debtors are authorized to continue to manage their cash pursuant to the Cash
Management System in accordance with the cash management practices sought to be approved as
described more fully in the Cash Management Motion. Each Bank (as defined in the Cash
Management Motion) is authorized, but not directed, to rely on the representations of the Debtors in
this regard and such Bank shall not have any liability to any party for relying on such representations
by the Debtors.
2. Notwithstanding the possible applicability of Rules 6004(h), 7062, and 9014
of the Federal Rules of Bankruptcy Procedure, or otherwise, the terms and conditions of this Order
shall be immediately effective and enforceable upon its entry.
2
All capitalized terms used but not defined herein shall have the respective meanings ascribed to such terms in the Cash
Management Motion.
2
RLF1 28023377v.1
Case
Case22-10951-CTG
22-10951-CTG Doc
Doc84-2
43 Filed
Filed10/04/22
10/06/22 Page
Page34ofof34
3. For the avoidance of doubt, the Debtors will segregate all proceeds of the
PPPLF Collateral (as defined in the Cash Management Motion) that the Debtors receive in the
Synovus Servicing Account for the sole benefit of the Reserve Bank.
4. This Order shall remain in effect only until a subsequent form of order related
to the Cash Management Motion is entered and shall be without prejudice to the rights of the U.S.
Trustee, the Federal Reserve, or any other party in interest to object to the relief requested in the
Cash Management Motion.
5. This Court shall retain jurisdiction over all matters arising from or related to
the interpretation or implementation of this Order.
Dated: October 4th, 2022 CRAIG T. GOLDBLATT
Wilmington, Delaware UNITED STATES BANKRUPTCY JUDGE
3
RLF1 28023377v.1
File and source
- File
- gov.uscourts.deb.188293.84.2.pdf
- Size
- 283,599 bytes
- SHA-256
- 7f20f8b57874f77a1f7ddd8a62b6a9c2e5b6d0c9bb07d583c0e32755d24dca5c
- Our copy
- gov.uscourts.deb.188293.84.2.pdf
- Original
- archive.org