Wednesday, March 22, 2023

SVB: SVB Financial files for bankruptcy protection – Usky News

SVB Financial Group said Friday that it filed for court-supervised reorganization under Chapter 11 bankruptcy protection to seek buyers for its assets, days after its former entity divested itself. Silicon Valley Bank was taken over by US regulators.
The plan for bankruptcy protection comes as the company said on March 13 that it plans to explore strategic alternatives for its businesses, including the holding company, SVB Capital and SVB Securities,
The company said Friday that the funds and general partner entities of SVB Securities and SVB Capital are not included in the Chapter 11 filing.
Reuters reported on Wednesday that the parent company was exploring bankruptcy protection to sell the assets.
California banking regulators shut down SVB on Friday and later appointed the Federal Deposit Insurance Corporation as receiver to dispose of its assets.
The collapse of SVB, the largest bank to fail since the collapse of Washington Mutual during the 2008 financial crisis, has crippled bank stocks and raised concerns of a contagion across global markets.


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