Breaking: SVB Financial Group files for Chapter 11 bankruptcy

Troubled SVB Financial Group has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court to preserve value.

Announcing the news on March 17, SVB said that the funds of its venture capital arm, SVB Capital, and the broker-dealer SVB Securities, as well as funds of general partner entities, are not included in the bankruptcy proceedings. The entities will continue to operate in an ordinary manner, while SVB Financial Group proceeds to explore strategic alternatives for its businesses.

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