Troubled SVB Financial Team has submitted a voluntary petition for a court-supervised reorganization less than Chapter 11 in the United States Bankruptcy Courtroom to preserve value.
Asserting the news on March 17, SVB said that the resources of its venture cash arm, SVB Funds, and the broker-dealer SVB Securities, as well as money of normal lover entities, are not incorporated in the bankruptcy proceedings. The entities will keep on to work in an everyday way, although SVB Monetary Group proceeds to check out strategic choices for its companies.
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