Silicon Valley Bank request… Just don’t let me go ‘bankrupt’. Silicon Valley Bank’s parent financial group seeks bankruptcy protection to restructure
Silicon Financial Group, the parent company of America’s Silicon Valley Bank, has now filed for bankruptcy protection. For this he has taken the help of the Bankruptcy Protection Act.
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Ab mohe ‘bankruptcy’ na hona dijo… Yes, America’s failing Silicon Valley Bank has made the same request. On Friday, Silicon Valley Bank’s parent company Silicon Financial Group filed with a court-supervised restructuring committee to save itself from bankruptcy.
Silicon Financial Group has applied to the Court-Supervised Restructuring Committee (CSR) to save it under Chapter-11 of the Bankruptcy Protection Act. The financial group asked buyers to buy its assets.
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The move comes as Silicon Valley Bank’s parent company has recently had its assets and deposits seized by US regulators. On the other hand, on March 13, the company said it plans to explore strategic options for its business.
Banking shares are falling
The condition of this bank is bad in the stock market. At the same time, shares of American banks fell as much as 1.5 percent in the pre-market session. However, shares of PacWest Bancorp and First Republic Bank fell 10 percent and 20 percent, respectively.
It doesn’t have to go bankrupt
Funds and other partner units of SVB Securities and SVB Capital were not included in Silicon Financial Group’s filing under Chapter-11.
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Media reports had already claimed that the parent company could use bankruptcy protection laws to sell assets.
SVB was closed last week
Silicon Valley Bank was shut down by US regulators last week. The bank’s total assets of $209 billion and total deposits of $175.4 billion were seized. It is the largest bank failure in America since the 2008 financial crisis.
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