The parent company of the collapsed Silicon Valley Bank (SVB) has filed for bankruptcy.
SVB Financial Group, which is no longer affiliated with SVB after the failed bank was taken over by the Federal Deposit Insurance Corporation (FDIC), said in a press release Friday that it has filed a petition for a court-supervised reorganization under Chapter 11.
The aim of filing for bankruptcy protection is to “preserve value” as it seeks buyers for its assets, SVB Financial Group said.
“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,” William Kosturos, Chief Restructuring Officer for SVB Financial Group, said in a statement….