SVB Financial Group, parent of Silicon Valley Bank, files for bankruptcy protection.
The bank’s successor, Silicon Valley Bridge Bank, is being run under the jurisdiction of the FDIC 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, especially SVB Capital and SVB Securities,” William Kosturos, Chief Restructuring Officer for SVB Financial Group, said in a statement on Friday. Regulated broker-dealer SVB Securities and funds of venture capital and private credit fund platform SVB Capital and its general partner entities are not included in the Chapter 11 filing and continue to operate normally.
Funded debt for SVB Financial Group is about $3.3 billion in aggregate principal amount of unsecured notes. There is no claim against SVB Capital or SVB Securities. SVB Financial Group also has $3.7 billion of preferred equity outstanding. SVB Financial Group believes it has approximately $2.2 billion of liquidity. The Santa Clara, California-based company said it also has other valuable investment securities accounts and other assets that it’s exploring strategic options for.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Silicon Valley Bank’s parent company files for bankruptcy protectionSVB Securities and SVB Capital were not included in the filing by SVB Financial Group.
Consulte Mais informação »
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.
Consulte Mais informação »
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.
Consulte Mais informação »
SVB files for bankruptcy, a week after Silicon Valley Bank's closureSVB Financial files for bankruptcy, a week after Silicon Valley Bank's closure by regulators
Consulte Mais informação »
Silicon Valley is working with Wall Street to buy some SVB assetsApollo Global Management was rebuffed by the FDIC when it first offered to buy Silicon Valley Bank’s loan book. Apollo still wants the loans — and it's working with some prominent VC firms to make it happen.
Consulte Mais informação »
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...
Consulte Mais informação »