SVB Financial Group Files for Chapter 11 Bankruptcy Protection to Preserve Value After Regulators Take Over Silicon Valley Bank

SVB Financial Group (SIVB.O) has officially filed for a court-supervised reorganization under Chapter 11 bankruptcy protection in the US Bankruptcy Court to preserve value.

This comes days after its former unit Silicon Valley Bank was taken over by US regulators and also after the company said that they are planning to explore strategic alternatives for its businesses.

The company informed that the SVB Securities and SVB Capital’s funds and general partner entities are not included in the Chapter 11 filing.

Last week, California banking regulators closed SVB and appointed the Federal Deposit Insurance Corporation as receiver for the later disposition of its assets.