Former Silicon Valley Bank parent has filed for bankruptcy – Boston News, Weather, Sports

(CNN) — SVB Finance Groupthe company that owned the company failed Silicon Valley Bank to the US government took it over last week, filing for Chapter 11 bankruptcy protection.

Silicon Valley Bank was not included in the bankruptcy filing in New York on Friday. Also not included in the Chapter 11 process are venture capital firm SVB Capital and broker-dealer business SVB Securities, which will continue to operate.

Trading in the company’s shares has halted since Thursday and bankruptcy was widely expected.

“The Chapter 11 process will allow SVB Financial Group to preserve value while evaluating strategic alternatives for its valuable businesses and assets, particularly SVB Capital and SVB Securities,” said William Kosturos, Chief Restructuring Officer of SVB Financial Group, in a statement.

“SVB Capital and SVB Securities continue to operate and serve clients, led by their longstanding and independent leadership teams,” he added.

SVB Financial said it had $3.3 billion in unsecured debt and $3.7 billion in stock that could be wiped out in bankruptcy.

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Sarah Y. Kim

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