New York (CNN) – SVB Monetary Group, the corporate that owns the failed Silicon Valley financial institution that was acquired by the US authorities final week, has filed for chapter safety underneath Chapter 11 of the US Chapter Code.
The Silicon Valley financial institution was not included within the presentation in New York on Friday. Additionally not included within the Chapter 11 course of have been enterprise capital agency SVB Capital and brokerage agency SVB Securities, which can proceed to function.
Buying and selling in shares of SVB Monetary Group has been halted since Thursday and chapter was broadly anticipated.
“The Chapter 11 course of will permit SVB Monetary Group to protect worth whereas evaluating strategic alternate options for its enterprise and its priceless property, notably SVB Capital and SVB Securities,” William Kostoros, Head of Restructuring at SVB Monetary Group, mentioned in a press release.
She added, “SVB Capital and SVB Securities proceed to function and serve purchasers, led by longstanding and unbiased management groups.”
SVB Monetary mentioned it has $3.3 billion in unsecured debt and $3.7 billion in fairness that would disappear in chapter.
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