For reorganization amid its financial crisis, the Silicon Valley Bank has officially filed for creditors protection, the bank announced on Friday.
This move came days after the bank was taken over by the California regulators and the Federal Deposit Insurance Corporation (FDIC) was appointed as the receiver.
According to the bank, SVB Securities and SVB Capital’s funds and general partners entities are not part of the filing, Reuters had earlier reported on Friday that the SVB parent company has been on its toes in seeking creditors’ protection for selling assets.
Silicon Valley Bank’s downfall remains one of the biggest bank failures since the 2008 Washington Mutual debacle.
“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. “SVB Capital and SVB Securities continue to operate and serve clients, led by their longstanding and independent leadership teams.”
“SVB Financial Group will continue to work cooperatively with Silicon Valley Bridge Bank,” Kosturos added. “We are committed to finding practical solutions to maximize the recoverable value for stakeholders of both entities.”
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