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...
has “attracted significant interest:”
‘’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’’
SVB Financial noted that funded debt is approximately $3.3 billion in aggregate principal amount of unsecured notes.
Where did the money go?.............................
I guess this means BLM won’t get another 74 million dollars.
How sad.
“..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.
Singing: It’s beginning to look a lot like ... 2007/2008 ...
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
Yes protection from their creditors so they can sell off all their assets. 😏
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?
Will we hear about “claw back,” as we did after 2008?
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
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?!
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.
Can you think of a better way to launder 3.3 billion of money?"
🤔
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.