SVB Financial Group, ex\u002Dparent of failed SVB, filed for bankruptcy, the latest move in an unfolding banking crisis. Read more here.
SVB “believes” it has about US$2.2 billion of liquidity and counts its equity in SVB Capital and SVB Securities among its assets, according to the statement. It owes bondholders about US$3.3 billion.
Centerview Partners is helping SVB evaluate strategic alternatives for SVB Capital and SVB Securities. The process has garnered significant interest, and any sale would require bankruptcy court approval, according to the statement. “SVB Financial Group will continue to work cooperatively with Silicon Valley Bridge Bank,” William Kosturos, chief restructuring officer for SVB Financial Group, said in the statement. “We are committed to finding practical solutions to maximize the recoverable value for stakeholders of both entities.”Article contentSanta Clara, Calif.-based SVB was the biggest bank to fail in more than a decade, with about US$209 billion in total assets as of the end of last year, the FDIC said.
Concern in tech circles swelled last week after Peter Thiel’s Founders Fund and other high-profile venture capital firms advised their portfolio companies to pull money from the bank. That advice came a day after the bank’s parent company announced it would try to raise more than US$2 billion following a significant loss on its portfolio.
Silicon Valley Bank was founded in 1983 over a poker game between Bill Biggerstaff and Robert Medearis, according to a statement from the bank’s 20th anniversary. The firm specialized in providing financial services to tech startups.Article content
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