23-10367-mg Doc 1158-1 Filed 05/21/24 Entered 05/21/24
21:52:10 Supplement
Notes and Supporting Documentation Pg 4 of 7
SVB India
On March 18, 2024, the Debtor and its non-debtor, wholly owned subsidiary, SVB Global Financial, Inc. (SVB
Global), entered into a Purchase and Sale Agreement for the sale (the Sale) of 100% of the issued and outstanding partnership interests of SVB Global Services India LLP (SVB India). On April 10, 2024, the
Bankruptcy Court approved the Purchase and Sale Agreement and the Sale [D.I. 1028]. The closing of the Sale is subject to the receipt of necessary regulatory approvals. On May 15, 2024, the Sale of SVB India closed. For more information, see
Notice of Transaction Closing Regarding the Sale of the SVB India Business [D.I. 1150], filed by the Debtor on the Bankruptcy Courts docket on May 16, 2024, and available at https://restructuring.ra.kroll.com/svbfg/Home-DocketInfo.
Note 7: Taxes
Taxes receivables reflect a
reasonable estimate of current tax refunds due to the Debtor and continue to be evaluated for any required allocations or adjustments.
Note 8:
Liabilities Subject to Compromise (Prepetition)
Due to the filing of the Chapter 11 Case on March 17, 2023, the payment of prepetition
indebtedness is generally subject to compromise pursuant to a plan of reorganization. Generally, actions to enforce or otherwise effect payment of pre-bankruptcy filing liabilities are stayed. The Debtor has
been paying and intends to pay undisputed postpetition liabilities in the ordinary course of business.
Prepetition liabilities that are subject to
compromise are required to be reported at the amounts expected to be allowed, even if they may be settled for lesser amounts. The amounts currently classified as Liabilities Subject To Compromise may be subject to future adjustments depending on
Bankruptcy Court actions, further developments with respect to disputed claims, determinations of secured status of certain claims, the values of any collateral securing such claims, or other events. The value of the claims that will ultimately be
allowed by the Bankruptcy Court cannot be reasonably estimated until the evaluation, investigation and reconciliation of the filed claims has been completed. Any resulting changes in classification will be reflected in subsequent financial
statements.
Note 9: Subsequent Events
On
May 2, 2024, the Debtor announced that it entered into a definitive agreement to sell the SVB Capital business. For more information, see the press release at
https://www.prnewswire.com/news-releases/svb-financial-group-
enters-into-definitive-agreement-for-the-sale-of-svb-capital-302135394.html. A sale hearing is scheduled for May 29, 2024 at 11 a.m.
(Prevailing Eastern Time). For more information, see Order (I) Approving Buyer Protections, (II) Scheduling a Sale Hearing, (III) Approving Form and Manner of Notices for Sale of the
SVB Capital Business, (IV) Approving Assumption and Assignment Procedures and (V) Granting Related Relief [D.I. 1153], entered by the Bankruptcy Court on May 17, 2024 and available at
https://restructuring.ra.kroll.com/svbfg/Home-DocketInfo.
On May 3, 2024, the Debtor filed the Debtors First Amended Plan of Reorganization
under Chapter 11 of the Bankruptcy Code [D.I. 1086] and the Disclosure Statement for the Debtors First Amended Plan of Reorganization under Chapter 11 of the Bankruptcy Code [D.I. 1087]. On May 16, 2024, the Debtor filed the Debtors
Second Amended Plan of Reorganization under Chapter 11 of the Bankruptcy Code [D.I. 1143] and the Disclosure Statement for the Debtors Second Amended Plan of Reorganization under Chapter 11 of the Bankruptcy Code [D.I. 1144] (the
Further Revised Disclosure Statement). The Debtor presented the Further Revised Disclosure Statement to the Bankruptcy Court in a hearing on May 16, 2024. The Bankruptcy Court approved the Further Revised Disclosure
Statement, subject to further revisions to be agreed with the United States Trustee and reviewed by the Bankruptcy Court prior to entry of the order approving the disclosure statement, among other things.
Note 10: Questionnaire
The workers
compensation policy that covered employees of FCB who previously performed services for the Debtor was terminated on May 1, 2023. The Debtor has obtained a new workers compensation policy through a professional employer organization.
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