{"id":565282,"date":"2023-03-17T15:27:39","date_gmt":"2023-03-17T12:27:39","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/breaking-svb-financial-group-files-for-chapter-11-bankruptcy\/"},"modified":"2023-03-17T15:27:39","modified_gmt":"2023-03-17T12:27:39","slug":"breaking-svb-financial-group-files-for-chapter-11-bankruptcy","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/breaking-svb-financial-group-files-for-chapter-11-bankruptcy\/","title":{"rendered":"# Breaking: SVB Financial Group files for Chapter 11 bankruptcy"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23d6df6e3df\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23d6df6e3df\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/breaking-svb-financial-group-files-for-chapter-11-bankruptcy\/#%E2%80%9D_Breaking_SVB_Financial_Group_files_for_Chapter_11_bankruptcy_%E2%80%9C\" >&#8221; Breaking: SVB Financial Group files for Chapter 11 bankruptcy  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Breaking_SVB_Financial_Group_files_for_Chapter_11_bankruptcy_%E2%80%9C\"><\/span>&#8221; Breaking: SVB Financial Group files for Chapter 11 bankruptcy  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvZWNhZjdjNTItNGU0Ny00ZjdjLWJhYTAtMThmNGVhMjUzZmUwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>Troubled SVB Financial Group has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court to preserve value.<\/p>\n<p>Announcing the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> on March 17, SVB <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.prnewswire.com\/news-releases\/svb-financial-group-commences-chapter-11-proceeding-to-preserve-value-301774997.html\">said<\/a> that the funds of its venture capital arm, SVB Capital, and the broker-dealer SVB Securities, as well as funds of <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> partner entities, are not included in the bankruptcy proceedings. The entities will continue to operate in an ordinary manner, while SVB Financial Group proceeds to explore strategic alternatives for its businesses.<\/p>\n<p>SVB Financial Group also emphasized that the company is no longer affiliated with Silicon Valley Bank N.A. or the bank\u2019s private banking and wealth management business, SVB Private. The bank\u2019s successor, Silicon Valley Bridge Bank, N.A., is operating under the jurisdiction of the Federal Deposit Insurance Corporation (FDIC) and is not included in the Chapter 11 filing.<\/p>\n<p>According to SVB Group\u2019s estimations, the firm has $2.2 billion of liquidity. In addition to cash and its interests in SVB Capital and SVB Securities, the firm has \u201cother valuable investment securities accounts and other assets,\u201d for which it is also exploring strategic options.<\/p>\n<p>SVB Group\u2019s funded debt is about $3.3 billion in aggregate principal amount of unsecured notes, which are \u201conly recourse to SVB Financial Group\u201d and have no impact on SVB Capital or SVB Securities, the announcement notes. SVB Group also has $3.7 billion of preferred stock.<\/p>\n<p><strong><em>Related:\u00a0Did FDIC ask Signature buyers to stop all crypto business?<\/em><\/strong><\/p>\n<p>SVB Group aims to deploy the court-supervised process to evaluate strategic alternatives for SVB Capital, SVB Securities and its other assets, SVB Group chief restructuring officer William Kosturos said, adding:<\/p>\n<blockquote><p>\u201cThe 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.\u201d<\/p><\/blockquote>\n<p>Kosturos stressed that SVB Capital and SVB Securities will continue to operate and serve clients, led by their independent teams.<\/p>\n<p>The ongoing SVB crisis has triggered a lot of uncertainty not only in the traditional banking system but also in some cryptocurrency markets. Circle, the operator of the major stablecoin USD Coin (USDC), had $3.3 billion, or roughly 8% of its reserves, tied to SVB after the bank shut down operations on March 8. Due to the events, USDC\u00a0briefly depegged, tumbling to $0.87 and subsequently repegging amid reports of SVB resolution.<\/p>\n<p><iframe loading=\"lazy\" title=\"Silvergate collapse: What does it mean for crypto?\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/sG5_NGnPpEg?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>On March 13, banking giant HSBC officially announced that its subsidiary, HSBC UK Bank,\u00a0acquired Silicon Valley Bank UK for 1 British pound ($1.2). According to HSBC Group CEO Noel Quinn, the acquisition made \u201cexcellent strategic sense\u201d for HSBC\u2019s business in the United Kingdom, strengthening its commercial banking franchise.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/svb-financial-group-files-for-chapter-11-bankruptcy\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Breaking: SVB Financial Group files for Chapter 11 bankruptcy &#8220; Troubled SVB Financial Group has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court to preserve value. Announcing the news on March 17, SVB said that the funds of its venture capital arm, SVB Capital, and&#8230;<\/p>\n","protected":false},"author":1,"featured_media":565283,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/ecaf7c52-4e47-4f7c-baa0-18f4ea253fe0.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[141269,4978,117,70934,33355,67874],"class_list":["post-565282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-svb","tag-bankruptcy","tag-business","tag-regulation","tag-silicon-valley","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/565282","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=565282"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/565282\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/565283"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=565282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=565282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=565282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}