Kabbage - COC re Revised 9019 Order
- Date
- 2022-11-09
Summary
Doc 231-2, filed November 9, 2022 in In re Kabbage, Inc. d/b/a KServicing, et al., Case No. 22-10951 (CTG), a jointly administered Chapter 11 case in the United States Bankruptcy Court for the District of Delaware, is Exhibit 2, a redline of a proposed order. The order would authorize and approve the Settlement Agreement between KServicing and Customers Bank and grant related relief. The redline adds language reciting the November 7, 2022 hearing, Cross River Bank's objection at Docket No. 206, the Debtors' reply at Docket No. 213 and a supporting declaration at Docket No. 211. As revised, the order grants the motion, overrules the objection for the reasons stated on the record, authorizes the Company to enter into the Settlement Agreement, and waives Bankruptcy Rule 6004(a). The five-page document ends with an Exhibit 1 slip sheet for the Settlement Agreement.
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Case 22-10951-CTG Doc 231-2 Filed 11/09/22 Page 1 of 5
Exhibit 2
Redline
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Case 22-10951-CTG Doc 231-2 Filed 11/09/22 Page 2 of 5
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 to this Order, 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.
RLF1 28214874v.128207936v.1
Case 22-10951-CTG Doc 231-2 Filed 11/09/22 Page 3 of 5
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 to consider on November 7, 2022
(the “Hearing”) where it considered the relief requested in the Motion (the “Hearing”), if
necessary; and upon 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 and the record of , 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.
1.2. The Company is hereby authorized to enter into the Settlement Agreement.
2
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Case 22-10951-CTG Doc 231-2 Filed 11/09/22 Page 4 of 5
2.3. 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
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.
3. The Debtors reserve all rights in connection with the Settlement Agreement,
including any claims, equitable remedies, causes of action, or otherwise, and any right of estoppel
if the Settlement Agreement is not approved or otherwise does not become effective. Nothing
contained in this Motion or any actions taken by the Debtors and CB pursuant to the relief granted
is intended or should be construed as: (i) an admission as to the validity of any claim against the
Debtors, or (ii) a waiver or limitation of the Parties’ rights under the CB Agreements; the
Bankruptcy Code; and other applicable law, including, but not limited to, with respect the chapter
11 plan of liquidation, except as agreed to under the Settlement Agreement.
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.
3
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Case 22-10951-CTG Doc 231-2 Filed 11/09/22 Page 5 of 5
Exhibit 1
Settlement Agreement
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File and source
- File
- gov.uscourts.deb.188293.231.2.pdf
- Size
- 279,870 bytes
- SHA-256
- 7b5f091d51fdedac871d1454b75af01951806700fa66493fa8c5e25ce8c0f5fb
- Original
- archive.org