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As Expected: SVB Financial Files For Chapter 11 Bankruptcy
Nation and State ^ | 03/17/2023 | Tyler Durden

Posted on 03/17/2023 7:45:14 AM PDT by SeekAndFind

SVB Financial Group, the company whose former subsidiary Silicon Valley Bank was taken over by the Federal Deposit Insurance Corporation last week, filed a voluntary petition for a Chapter 11 bankruptcy protection in the Southern District of New York to preserve value for stakeholders.

SVB Financial said it has approximately $2.2 billion of liquidity and cash and its interests in SVB Capital and SVB Securities. It also said it has "other valuable investment securities accounts and other assets for which it is also exploring strategic alternatives." The bankrupt entity listed assets and liabilities of up to $10 billion each.

SVB Financial also said that SVB Securities, SVB Capital, and other connected entities remaing viable and aren't included in the Chapter 11 filing; those entities would continue to operate normally as "SVB Financial Group proceeds with its previously announced exploration of strategic alternatives for these valuable businesses."

The failed bank already said the potential sale of its alternatives has "attracted significant interest:"

SVB Financial Group intends to use the court-supervised process to evaluate strategic alternatives for SVB Capital, SVB Securities and the company's other assets and investments. As previously announced, this process is being led by a five-member restructuring committee appointed by the SVB Financial Group Board of Directors. Centerview Partners LLC is assisting the restructuring committee with the strategic alternatives process, which is already underway and has attracted significant interest.

SVB Financial noted that funded debt is approximately $3.3 billion in aggregate principal amount of unsecured notes.

"The 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," said William Kosturos, Chief Restructuring Officer for SVB Financial Group.

Read the full filing here (docket # 23-10367, U.S. Bankruptcy Court for the Southern District of New York.):

Recall SVB is the largest bank to fail in more than a decade, holding approximately $209 billion in total assets as of the end of last year. It is the second-largest bank to come under FDIC control, following only the collapse of Washington Mutual Inc. in 2008.

*Developing...


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: bank; banking; bankruptcy; chapter11; siliconvalley; siliconvalleybank; svb

1 posted on 03/17/2023 7:45:14 AM PDT by SeekAndFind
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To: SeekAndFind

has “attracted significant interest:”
‘’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’

SVB Financial noted that funded debt is approximately $3.3 billion in aggregate principal amount of unsecured notes.


Can you think of a better way to launder 3.3 billion of money?


2 posted on 03/17/2023 7:49:24 AM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: SeekAndFind

Where did the money go?.............................


3 posted on 03/17/2023 7:52:07 AM PDT by Red Badger (Homeless veterans camp in the streets while illegal aliens are put up in hotels.....................)
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To: SeekAndFind

I guess this means BLM won’t get another 74 million dollars.

How sad.


4 posted on 03/17/2023 7:53:21 AM PDT by Responsibility2nd (Donald Trump is a setting sun. Ron DeSantis is a rising star.)
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To: Red Badger

“..Where did the money go?....”

China and our glorious elites...
That bank was set up for a specific purpose of funding certain leftist causes and elites.
Once it served it’s purpose, the gig was up...gone.


5 posted on 03/17/2023 7:54:34 AM PDT by lgjhn23 ("On the 8th day, Satan created the progressive liberal to destroy all the good that God created...")
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To: SeekAndFind

Singing: It’s beginning to look a lot like ... 2007/2008 ...


6 posted on 03/17/2023 7:57:12 AM PDT by TomGuy
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To: lgjhn23

Yup—some folks are asking how this stuff works.

Goodfellas has a scene that explains what happens after the crooks are in charge:

https://www.youtube.com/watch?v=5ydqjqZ_3oc


7 posted on 03/17/2023 8:04:25 AM PDT by cgbg (Claiming that laws and regs that limit “hate speech” stop freedom of speech is “hate speech”.)
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To: SeekAndFind

Yes protection from their creditors so they can sell off all their assets. 😏


8 posted on 03/17/2023 8:09:12 AM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped)
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To: Responsibility2nd
They'll get it somewhere else, they're shakedown artists, after all.
9 posted on 03/17/2023 8:09:30 AM PDT by Major Matt Mason (To solve the Democrat problem, the RINO problem must first be solved.)
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To: Red Badger

SVB was the bank of choice of Israeli tech entrepreneurs and start-ups; much of SVB’s deposits were of Israeli origin. When we were just beginning to hear of the bank’s meltdown, Israel — led by its Bank Leumi and Hapoalim — had already set up a war room to assist Israeli depositors in clawing back their shekels. They were largely successful, draining SVB’s tank completely. That’s where all the money went. The obvious question is who tipped off the Israelis, thus starting the run? Perhaps Janet Yellin herself?


10 posted on 03/17/2023 8:17:43 AM PDT by Blurb2350 (posted from my 1500-watt blow dryer)
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To: SeekAndFind

Will we hear about “claw back,” as we did after 2008?


11 posted on 03/17/2023 8:21:26 AM PDT by Steely Tom ([Voter Fraud] == [Civil War])
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To: SeekAndFind

Remember the new bank rules?

Your deposits are not your money-
Just Claims, like other claims and debts, to be processed according to law, or whims of the Rulers.

let it all burn


12 posted on 03/17/2023 8:27:15 AM PDT by Macoozie (Handcuffs and Orange Jumpsuits)
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To: SeekAndFind

How come the turd rollers in the “media” have been saying for three days that everything is fine and the bank had been saved by FJB and his wife? “Move on! Nothing to see here! The bank is fine!” is all we’ve been hearing from the extreme far lefties in the DNC’s “mainstream media”. What the hell?!


13 posted on 03/17/2023 8:37:44 AM PDT by FlingWingFlyer ("I may be a white boy but I'm not stupid". - FJB at Black "History" event. Tell 'em Jo Jo!)
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To: SeekAndFind

They proved the point what it means ‘Go woke, go broke’

Silicon Valley Bank didn’t find it important to have a Chief Risk Officer. But they found it important to fill a letter to stockholders with 40 mentions of the environmental, social, and governance—or ESG—movement.


14 posted on 03/17/2023 8:50:37 AM PDT by Saintgermain
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To: PeterPrinciple
"SVB Financial noted that funded debt is approximately $3.3 billion in aggregate principal amount of unsecured notes.

Can you think of a better way to launder 3.3 billion of money?"

🤔

15 posted on 03/17/2023 9:00:27 AM PDT by Pajamajan ( PRAY FOR OUR NATION. Never be a peazceful slaveo in a\ new Socialist America)
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