Live news: Silicon Valley Bank owner SVB Financial files for bankruptcy protection
The guardian firm of Silicon Valley Financial institution has filed for chapter safety, only one week after that unit was shuttered by federal regulators within the second-biggest financial institution failure in US historical past.
SVB Monetary Group filed for Chapter 11 chapter safety in federal court docket in New York on Friday. The corporate’s funding banking and lending items – SVB Securities and SVB Capital – weren’t included within the submitting.
Silicon Valley Financial institution, its deposit taking unit, has already been separated and is now being overseen by the Federal Deposit Insurance coverage Company.
SVB Monetary mentioned it “intends to make use of the court-supervised course of to judge strategic alternate options for SVB Capital, SVB Securities and the Firm’s different belongings and investments.”
The corporate mentioned it had $2.2bn of liquidity in addition to $3.3bn in bond debt and $3.7bn of most popular fairness excellent.