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.
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