SVB Financial Group has filed for Chapter 11 Protection due to the impact of the collapse of Silicon Valley Bank.
According to a Wall Street Journal report, the parent of Silicon Valley Bank is seeking Chapter 11 bankruptcy protection. The Silicon Valley Bank is not part of the filing because it is under the control of the Federal Deposits Insurance Corporation, but the SVB group is looking for new owners for its other businesses.
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Source: https://beincrypto.com/svb-financial-group-files-for-bankruptcy/