SVB's Parent Company Declares Bankruptcy in NY

The parent company of Silicon Valley Bank, SVB Financial Group, has filed for Chapter 11 bankruptcy protection after the bank's sudden collapse last week. The bank was seized by the federal government, and its successor, Silicon Valley Bridge Bank, was not included in the filing. The bankruptcy creates a legal battle over the bank's remaining assets between creditors and regulators. SVB Financial Group believes it has approximately $2.2 billion of liquidity and other valuable securities and assets that are being considered for sale.