Silicon Valley Bank’s Parent Company Files For Chapter 11 Bankruptcy Protection

SVB Financial Group (parent company of Silicon Valley Bank) announced Friday that it had filed for Chapter 11 bankruptcy protection.

This filing follows the collapse of Silicon Valley Bank last week, which was the second-largest bank failure in American history. Before the Federal Deposit Insurance Corporation took over, the firm had already discharged assets at a loss. The portfolio included long-term government bonds and corporate bonds that were used to supply depositors.

California bank regulators closed the bank and designated the Federal Deposit Insurance Corporation as receiver.

“SVB Financial Group intends to use the court-supervised process to evaluate strategic alternatives for SVB Capital, SVB Securities and the Company’s other assets and investments. As previously announced, this process is being led by a five-member restructuring committee appointed by the SVB Financial Group Board of Directors,” According to the release.

This report was contributed by Ben Zeisloft

This is a new story in development; keep checking back for updates.

“From Silicon Valley Bank’s parent company files for Chapter 11 Bankruptcy protection“

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