The bank’s successor, Silicon Valley Bridge Bank, is being run under the jurisdiction of the Federal Deposit Insurance Corp. and is not included in the Chapter 11 filing.
“The Chapter 11 process will allow SVB Financial Group to preserve value as it evaluates strategic alternatives for its prized businesses and assets,” William Kosturos, chief restructuring officer for SVB Financial Group, said in a statement.
The Wall Street Journal reported that a group of distressed debt investors — mostly hedge funds — bought the bonds of Silicon Valley Bank’s holding company in a bet that that there will be some proceeds for bondholders after the bankruptcy process is completed.
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