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SVB collapse: SVB Financial Group files for Chapter 11 bankruptcy

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SVB Financial Group announced it was filing for Chapter 11 bankruptcy to reorganize under court supervision. SVB Securities and SVB Capital's funds and general partner entities will not be included in the Chapter 11 bankruptcy.

The group announced that SVB Securities and SVB Capital's funds and general partner entities would not be included in the Chapter 11 bankruptcy."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.

The company says it believes it has $2.2 billion of liquidity, along with cash and interests in SVB Capital and SVB Securities. The financial group also says it has"approximately $3.3 billion in aggregate principal amount of unsecured notes," along with $3.7 billion of preferred equity outstanding.

 

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