SVB Financial Group Files for Bankruptcy – the Largest Bank Failure Since 2008
TL;DR SVB Financial Group, the parent of Silicon Valley Bank (SVB), has filed for Chapter 11 bankruptcy protection due to the impact of the bank’s collapse. The filing will allow the company to find new owners for its other businesses.
SVB Financial Group has filed for Chapter 11 Protection due to the impact of the collapse of Silicon Valley Bank.
According to a Wall Street Journal report, the parent of Silicon Valley Bank is seeking Chapter 11 bankruptcy protection. The Silicon Valley Bank is not part of the filing because it is under the control of the Federal Deposits Insurance Corporation, but the SVB group is looking for new owners for its other businesses.
Breaking: Silicon Valley Bank's parent company filed for chapter 11, opening a path to sell off business lines other than its failed bank unit https://t.co/DaeILhglh4 — The Wall Street Journal (@WSJ) March 17, 2023
This is a developing story.
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