SVB collapse: SVB Financial Group files for chapter 11 bankruptcy
Jack Birle
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SVB Financial Group announced Friday it was filing for chapter 11 bankruptcy to reorganize under court supervision.
The group announced that SVB Securities and SVB Capital’s funds and general partner entities would not be included in the chapter 11 bankruptcy.
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The bankruptcy filing comes a week after Silicon Valley Bank was seized by state regulators. Silicon Valley Bank in now a separate entity from the SVB Financial Group and is now operating under the FDIC’s jurisdiction, per the release.
This is a breaking story and will be updated.