Business
Largest Bankruptcy Since 2008 Financial Crisis As Silicon Valley Bank Goes Under
The collapse of SVB shows how badly managed US financial system is.
On Friday, SVB Financial Group filed for a court-supervised reorganisation under Chapter 11 bankruptcy protection in search of buyers for its belongings, following the takeover of its former unit Silicon Valley Bank by U.S. regulators.
The decision to initiate bankruptcy proceedings follows unsuccessful attempts to restore confidence and alleviate concerns over financial spread.
Last week, Californian regulators shut down Silicon Valley Bank, marking the biggest failure since the 2008 financial crisis and the collapse of Washington Mutual.
On Friday, SVB Securities and SVB Capital’s funds and general partner entities were announced to be exempted from the Chapter 11 filing. The company intends to continue reviewing options for their businesses, along with other assets and investments.
The company reported $2.2B liquidity on Friday, with $209B in year-end assets.
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