SVB Financial Group has filed for Chapter 11 bankruptcy protection in a New York court after Silicon Valley Bank collapsed last week, upending the world of tech startups.
The company said in a statement that SVB Securities and SVB Capital's funds and general partner entities are not included in the Chapter 11 filing and continue to operate in the ordinary course as the company explores "strategic alternatives" for these businesses.
SVB Financial Group says it has approximately $2.2 billion of liquidity at time of filing.
The Silicon Valley Bank (SVB) logo is seen through a rain covered window in front of the SVB headquarters on March 10, 2023 in Santa Clara, California. Silicon Valley Bank was shut down on Mar. 10 by California regulators and was put in control of th (Justin Sullivan/Getty Images / Getty Images)
"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."
This is a developing story and will be updated.