March 17, 2023 8:48am
“Protection for reorganization” … ??
SVB Financial Group on Friday it filed for a court-supervised reorganization under Chapter 11 bankruptcy protection to seek buyers for its assets, days after its former unit Silicon Valley Bank was taken over by U.S. regulators. <CNBC>
The plan to seek bankruptcy protection comes after the company said on March 13 it was planning to explore strategic alternatives for its businesses, including the holding company, SVB Capital and SVB Securities.
SVB’s failure was the largest of its kind since the Great Recession in 2008 and the second-largest in US history.
The Bottom Line:
SVB Financial Group said it is “no longer affiliated with Silicon Valley Bank” following its collapse into federal receivership. The Federal Deposit Insurance Corp. is now running its successor, Silicon Valley Bridge Bank,
SVB Securities and SVB Capital’s funds and general partner entities are not included in the Chapter 11 filing, the company said on today, Friday.