Silicon Valley Bank parent company seeks to file for bankruptcy protection

SVB Financial Group, the company that owned the failed Silicon Valley Bank until the US government took it over last week, has filed for Chapter 11 bankruptcy protection.

Silicon Valley Bank was not included in the bankruptcy filing in New York today. Also not included in the Chapter 11 process are venture capital company SVB Capital and broker-dealer business SVB Securities, which will remain operational.

Trading of the company's stock (SIVB) has been halted since yesterday, and a bankruptcy was largely expected.

SVB Financial said it had $3.3 billion in unsecured debt and $3.7 billion in stock that could get wiped out in the bankruptcy.

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