SVB Financial Group Officially Files for Bankruptcy

SVB Financial (NASDAQ: SIVB), the parent company behind the infamous Silicon Valley Bank that failed last week and was subsequently handed over to the Federal Deposit Insurance Corporation, is officially filing for bankruptcy.

In a notice filed in the Southern District of New York, SVB Financial made a voluntary petition for a Chapter 11 bankruptcy, unveiling it has approximately $10 billion in assets and liabilities each, and about $2.2 billion worth of cash strapped to SVB Capital and SVB Securities.

The company did distinguish, however, that the bankruptcy filing doesn’t include the two aforementioned entities, as they will remain operational while “SVB Financial Group proceeds with its previously announced exploration of strategic alternatives for these valuable businesses.” 

SVB Financial added that it has procured “significant interest” regarding the sale of its alternatives, and that funded debt amounts to approximately $3.3 billion in aggregate principal amount of unsecured notes. (The bankruptcy filing in its entirety can be found here.)

It’s noteworthy to mention that the collapse of Silicon Valley Bank marks the largest bank failure since the 2008 Financial Crisis, and is the second-biggest bank placed under management of the FDIC.


Information for this briefing was found via SVB Financial Group and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Why $50 Silver, $4000 Gold Might Be Closer Than Anyone Thinks | Bradley Langille – GoGold Resources

Why Silver’s True Price Could Be Much Higher | Joaquín Marias – Argenta Silver

Gold Enters A ‘Stronger For Longer’ Phase | Richard Young – i-80 Gold

Recommended

Emerita Resources Intersects Further Mineralization At El Cura, Expanding Deposit

ESGold Sees ANT Survey Reveal Vertically Continuous System To 1,200 Metres Depth

Related News

SVB Financial Sues FDIC To Recover $1.9 Billion

The US Federal Deposit Insurance Corporation (FDIC) has been sued by SVB Financial Group in...

Tuesday, July 11, 2023, 10:27:20 AM

HSBC Buys Silicon Valley Bank’s UK Arm for £1

HSBC has acquired collapsed Silicon Valley Bank’s UK unit for £1, in a symbolic move...

Monday, March 13, 2023, 12:41:00 PM

Banksplaining: The Dive Draws About How Money Works (and doesn’t) Part 1: Reserve Ratios

This is the first in a series of the posts about the banking system as...

Saturday, March 18, 2023, 09:00:00 AM

25,000 Retail Stores are Predicted to Permanently Close by End of 2020

Although the peak of the coronavirus pandemic is supposedly beginning to subside given that states...

Wednesday, June 10, 2020, 03:21:00 PM

Biden Administration Turns to Warren Buffett for Banking Crisis Advice

Washington is getting desperate to contain the unfolding banking crisis, and is now looking for...

Monday, March 20, 2023, 06:18:00 AM