- SVB Financial filed for Chapter 11 bankruptcy protection on Friday.
- It came a week after regulators shut down Silicon Valley Bank.
- The bank remains under FDIC control, while SVB will seek new owners for its other units.
SVB Financial Group filed for Chapter 11 bankruptcy protection on Friday, seeking a court-supervised reorganization to help find buyers for its assets.
It comes a week after Silicon Valley Bank, once SVB's main business, was shut down by regulators and placed under the FDIC's control.
The bankruptcy filing doesn't include its other businesses, namely investment manager SVB Capital and investment bank SVB Securities. But during the bankruptcy process, SVB can seek new owners for SVB Capital and SVB Securities.
SVB Financial estimates that it has around $2.2 billion in liquidity, $3.3 billion in bond debt, and $3.7 billion in preferred stock, according to a press release.
Earlier this week, SVB Financial had indicated a readiness to seek bankruptcy protection.
Meanwhile, the unwinding of Silicon Valley Bank continues separately under FDIC supervision.