This article was last updated on March 17, 2023
SVB Financial Group files for bankruptcy
SVB Financial Group, the former owner of the now-defunct Silicon Valley Bank, which was taken over by the US government last week, has submitted a petition for bankruptcy protection under Chapter 11.
It is worth noting that Silicon Valley Bank, as well as SVB Capital and SVB Securities, have not been included in the bankruptcy application filed in New York on Friday, and they will continue to operate as usual.
As trading of the company’s stock (SIVB) has been suspended since Thursday, a bankruptcy filing was widely anticipated.