Troubled SVB Financial Group has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court to preserve value.
Announcing the news on March 17, SVB said that SVB Securities and SVB Capitalโs funds and general partner entities are not included in the bankruptcy proceedings. The entities will continue to operate in the ordinary manner while SVB Financial Group proceeds to explore strategic alternatives for its businesses.
SVB Financial Group also emphasized that the company is no longer affiliated with Silicon Valley Bank N.A., or the bankโs private banking and wealth management business, SVB Private. The bankโs successor, Silicon Valley Bridge Bank, N.A., is operating under the jurisdiction of the Federal Deposit Insurance Corporation (FDIC) and is not included in the Chapter 11 filing.
This is a developing story, and further information will be added as it becomes available.
