Breaking: SVB Financial Group Files For Chapter 11 Bankruptcy; Bitcoin Spikes By 8%

Read full article at Coingape.

The Silicon Valley Bank Financial Group on Friday announced that it has filed a voluntary petition for a court supervised reorganization under Chapter 11 in the United States Bankruptcy court amid the emerging crisis. This comes after the U.S. financial institution came in to handle the erupting banking disaster.

The release published by SVB mentioned that SVB Securities and SVB capital’s funds and general partner entities are not part of these filings. The mentioned entities will continue to operate manner. SVB Capital funds will have regular access to sources of funding including subscription credit facilities and more.

As per the release, the company now has approximately $2.2 billion of liquidity. Other than cash, its interest in SVB Capital and SVB Securities, the firm has other valuable investment securities.


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