Corp Group Banking is in post-confirmation wind-down and nearing case closure, with the Plan Administrator seeking a final decree to close the last remaining open Chapter 11 case, terminate claims and noticing services, and end further periodic reporting after completing claims reconciliation and wind-down work through a confirmed liquidation plan, subject to a June 9, 2026 hearing and June 2 objection deadline under the Final Decree MotionDkt. 1122.
The Chilean holding company filed Chapter 11 on June 25, 2021 after its dividend-dependent capital structure broke down: its principal assets were equity stakes in Itau Corpbanca and Itau Corpbanca Colombia, while its obligations included about $1.86 billion of funded debt, including secured obligations to Banco Itau Chile and $543 million of 6.750% senior unsecured notes that had been in default since 2020. Management tied the filing to a sharp decline in dividends from the banking investments, missed note and credit-agreement payments, cross-defaults, and failed out-of-court negotiations with noteholders, as described in the Cerda First Day DeclarationDkt. 11.
The case moved onto a liquidation path rather than an operating reorganization. The debtors filed the Seventh Amended Joint Plan of LiquidationDkt. 815, and the court confirmed it on June 16, 2022 through the Confirmation OrderDkt. 825. By the quarter ended March 31, 2026, the estate reported total transfers since the effective date of about $54.9 million, including $32.2 million of cash disbursements and $22.8 million of non-cash securities transfers; secured claims had received about 98% of allowed amounts, while general unsecured claims had received about 3% against roughly $1.16 billion of allowed claims, according to the .
The main residual issue is not further business restructuring but case exit and collateral litigation around plan releases. Alvaro Jose Saieh Bendeck has appealed the bankruptcy court’s ruling that the plan did not release his personal guarantee of a non-debtor loan to Great Art, Inc., allowing Itau-related collection efforts to continue outside the case, as reflected in the Notice of AppealDkt. 1111. The Plan Administrator has also withdrawn a proposed motion on final estimation of contingent and unliquidated Chilean tax claims and final distribution, narrowing the current docket toward final administration and closure through the pending Withdrawal NoticeDkt. 1120 and Omnibus Hearing CertificationDkt. 1121.
