SVB Financial files for Chapter 11 bankruptcy protection

SVB Financial Group - the parent company of collapsed Silicon Valley Bank - has filed for Chapter 11 bankruptcy protection in the US.

In a statement on Friday, it said SVB Securities and SVB Capital's funds and general partner entities are not included in the filing and continue to operate normally.

"SVB Financial Group intends to use the court-supervised process to evaluate strategic alternatives for SVB Capital, SVB Securities and the company's other assets and investments," it said.

The company said it has around $2.2bn of liquidity. In addition to cash and its interests in SVB Capital and SVB Securities, it has other valuable investment securities accounts and other assets for which it is also exploring strategic alternatives, it said.

The group also said it has around $3.3bn in bond debt and $3.7bn of preferred equity outstanding.

William Kosturos, chief restructuring officer for SVB Financial Group, said: "The Chapter 11 process will allow SVB Financial Group to preserve value as it evaluates strategic alternatives for its prized businesses and assets, especially SVB Capital and SVB Securities.

"SVB Financial Group will continue to work cooperatively with Silicon Valley Bridge Bank. We are committed to finding practical solutions to maximise the recoverable value for stakeholders of both entities."