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US Silicon Valley Bank's Former Holding Company Says Filed for Bankruptcy Protection

© AP Photo / Jeff ChiuA food delivery worker enters Silicon Valley Bank in Santa Clara, Calif., Friday, March 10, 2023.
A food delivery worker enters Silicon Valley Bank in Santa Clara, Calif., Friday, March 10, 2023.  - Sputnik International, 1920, 17.03.2023
WASHINGTON (Sputnik) - Silicon Valley Bank's former parent company SVB Financial Group said on Friday that it has filed for Chapter 11 bankruptcy protection in the state of New York in a bid to preserve value as it auctions off its assets.
"SVB Financial Group today announced that it has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York to preserve value," the company said in a statement.
The company said it has around $2.2 billion in liquidity, with about $3.3 billion in outstanding debt and $3.7 billion in preferred equity. The bankruptcy filing does not include SVB Bank, which was taken over by the Federal Deposit Insurance Corporation (FDIC), or the bank's successor, Silicon Valley Bridge Bank.
Last Friday, the FDIC said it would take over SVB Bank after it became the second-largest lender to collapse in US history, and the largest since the 2008 financial crisis.
In this file photo taken on March 10, 2023, a customer (L) reads a notice about Silicon Valley Bank’s closure at the bank’s headquarters in Santa Clara, California - Sputnik International, 1920, 14.03.2023
Pension Funds Across Globe Lose Millions of Dollars Due to SVB Collapse
Moody’s Investors Service on Tuesday downgraded its outlook for the US banking system from stable to negative following the collapse of SVB, Silvergate Bank and Signature Bank in recent days.
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