SVB Financial Group has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court to 'preserve value.'
Troubled SVB Financial Group has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court to preserve value.that the funds of its venture capital arm SVB Capital and the broker-dealer SVB Securities, as well as funds of general partner entities are not included in the bankruptcy proceedings.
According to SVB Group’s estimations, the firm has $2.2 billion of liquidity. In addition to cash and its interests in SVB Capital and SVB Securities, the firm has “other valuable investment securities accounts and other assets” for which it is also exploring strategic options. "The Chapter 11 process will allow SVB Financial Group to preserve value as it evaluates strategic alternatives for its prized businesses and assets, especially SVB Capital and SVB Securities.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Silicon Valley Bank’s parent company files for bankruptcy protectionSVB Securities and SVB Capital were not included in the filing by SVB Financial Group.
Read more »
SVB Financial files for Chapter 11 bankruptcy with about $2.2 billion of liquiditySVB Financial Group said Friday it has filed for Chapter 11 bankruptcy in New York and will seek a court-supervised reorganization. The company said the...
Read more »
SVB Financial files for Chapter 11 bankruptcy protectionThis is an effort to preserve value ahead of a second FDIC auction.
Read more »
Parent of Silicon Valley Bank seeks bankruptcy protectionSVB Financial Group is filing for Chapter 11 bankruptcy protection. SVB Financial Group is no longer affiliated with Silicon Valley Bank or the bank's private banking and wealth management business, SVB Private. SVB Financial Group ran Silicon Valley Bank up until it was seized last Friday.
Read more »
SVB Financial Group, parent of Silicon Valley Bank, files for bankruptcy protectionSVB Financial Group, along with its CEO and its chief financial officer, were targeted this week in a class action lawsuit that claims the company didn’t disclose the risks that future interest rate increases would have on its business.
Read more »
SVB Financial Group, parent of Silicon Valley Bank, files for bankruptcy protectionSVB Financial Group, along with its CEO and its chief financial officer, were targeted this week in a class action lawsuit that claims the company didn’t disclose the risks that future interest rate increases would have on its business.
Read more »