SVB Financial Group Asks For Protection From Creditors

SVB Financial Group, which used to be the parent company of Silicon Valley Bank, has filed for Chapter 11 bankruptcy.

The move comes a week after regulators took control of Silicon Valley Bank and is meant to “preserve value” for the former parent while it looks into “strategic alternatives” for its broker-dealer SVB Securities and venture capital arm SVB Capital.

Potential buyers have “significant interest” in these businesses, whose funds and general partner entities are not part of the Chapter 11 filing and continue to run.

SVB “thinks” it has about $2.2 billion in cash on hand, while its funded debt is about $3.3 billion and its preferred equity is worth $3.7 billion.

“The Chapter 11 process will allow SVB Financial Group to preserve value as it evaluates strategic alternatives for its prized businesses and assets, especially SVB Capital and SVB Securities,” says William Kosturos, chief restructuring officer, SVB Financial Group.

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