LOS ANGELES, March 17 — SVB Financial Group said today it filed for a court-supervised reorganisation under Chapter 11 bankruptcy protection to seek buyers for its assets, days...
LOS ANGELES, March 17 — SVB Financial Group said today it filed for a court-supervised reorganisation under Chapter 11 bankruptcy protection to seek buyers for its assets, days after its former unit Silicon Valley Bank was taken over by US regulators.
“It is impossible to know if there are other shoes to drop, but I think a good majority of the negative news is out there,” said Art Hogan, chief market strategist at B. Riley Wealth Management. SVB was forced to sell a portfolio of treasuries and mortgage-backed securities to Goldman Sachs at a US$1.8 billion loss after a rise in yields eroded value.
Earlier this week, the company said it was planning to explore strategic alternatives for its businesses including the holding company, SVB Capital and SVB Securities.
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