2 years ago
SVB Financial Group, the erstwhile umbrella entity of Silicon Valley Bank, has filed for Chapter 11 bankruptcy successful the United States Bankruptcy Court for the Southern District of New York to "preserve value."
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Troubled SVB Financial Group has filed a voluntary petition for a court-supervised reorganization nether Chapter 11 successful the United States Bankruptcy Court to sphere value.
Announcing the quality connected March 17, SVB said that SVB Securities and SVB Capital’s funds and wide spouse entities are not included successful the bankruptcy proceedings. The entities volition proceed to run successful the mean mode portion SVB Financial Group proceeds to research strategical alternatives for its businesses.
SVB Financial Group besides emphasized that the institution is nary longer affiliated with Silicon Valley Bank N.A., oregon the bank’s backstage banking and wealthiness absorption business, SVB Private. The bank’s successor, Silicon Valley Bridge Bank, N.A., is operating nether the jurisdiction of the Federal Deposit Insurance Corporation (FDIC) and is not included successful the Chapter 11 filing.
This is simply a processing story, and further accusation volition beryllium added arsenic it becomes available.
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