Corp Group Banking seeks extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Oct. 22 – Corp Group Banking SA is seeking an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the company asked the court to extend the plan filing period through Jan. 25 and the solicitation period through March 28.

The company said it has drafted a plan and in the coming months will be working to finalize the plan’s terms.

“These negotiations are complicated by an imminent election in Chile, which the debtors believe is creating macroeconomic uncertainty that may be adversely affecting the value of their estates,” the company said in its motion.

“In short, the debtors have made significant progress and expect to present a confirmable and viable Chapter 11 plan in the near term, but the debtors need a modest extension of their exclusive periods to propose and seek confirmation of a plan.”

A hearing is scheduled for Nov. 23.

The Santiago, Chile-based bank filed bankruptcy on June 25 under Chapter 11 case number 21-10969.

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