Breaking News | Silicon Valley Bank files for Chapter 11 bankruptcy reorganization in New York
According to the latest media reports, Silicon Valley Bank (SVB), which is under the control of the FDIC, has filed for Chapter 11 bankruptcy in New York for corporate restructuring. SVB Securities and SVB Capital, two related companies, are not included in this filing and continue to operate normally. The SVB Financial Group, declaring bankruptcy for restructuring, has approximately $3.3 billion in unsecured note principal outstanding.
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According to the latest media reports, Silicon Valley Bank (SVB), which is under FDIC receivership, has filed for Chapter 11 bankruptcy in New York for corporate restructuring. SVB Securities and SVB Capital, two related companies, are not included in the bankruptcy and continue to operate as usual. SVB Financial Group, declaring bankruptcy for restructuring, has approximately $3.3 billion in unsecured notes principal outstanding.
SVB Financial Group stated it has about $2.2 billion in liquid funds. In addition to cash and equity in SVB Capital and SVB Securities, SVB Financial Group also has other securities accounts and assets.
As previously reported, on 3/14, asset management firm Apollo Global Management Inc. expressed interest in acquiring some of Silicon Valley Bank's loans. The former parent company of Silicon Valley Bank, SVB Financial Group, is also discussing the possibility of selling other subsidiaries, including SVB Capital and SVB Securities.
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