SVB Financial Group (SIVB) has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York. It plans to file customary first day motions with the Bankruptcy Court that, among other things, seek authorization to continue the operations of SVB Financial Group in the ordinary course of business as soon as a hearing can be scheduled. The Group noted that SVB Securities and SVB Capital's funds and general partner entities are not included in the Chapter 11 filing.
"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 Financial Group noted that it is no longer affiliated with Silicon Valley Bank, N.A., or the bank's private banking and wealth management business, SVB Private.
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