News Formal

Silicon Valley Bank parent company files for bankruptcy

  • 📰 abc15
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

SVB Financial Group filed for Chapter 11 bankruptcy days after it was targeted in a class action lawsuit by shareholders. MORE ⬇️

SVB Financial Group, the parent company of Silicon Valley Bank, has filed for Chapter 11 bankruptcy one week after its subsidiary failed and was seized by U.S. regulators.

The company said in a statement that SVB Securities and SVB Capital are not included in the bankruptcy filing and will continue to operate while the company explores"strategic alternatives.""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," said William Kosturos, Chief Restructuring Officer for SVB Financial Group.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 263. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Silicon Valley Bank’s parent company files for bankruptcy protectionSVB Securities and SVB Capital were not included in the filing by SVB Financial Group.
Source: mercnews - 🏆 88. / 68 Read more »