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SVB Financial Goes Bankrupt, Buying Time to Repay Creditors

  • Banking unit was biggest to enter FDIC receivership since 2008
  • Prominent VC firms advised portfolio companies to pull cash
Bloomberg business news
Why the Silicon Valley Bank Collapse Matters
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Silicon Valley Bank’s former parent company filed for bankruptcy a week after a run on deposits prompted regulators to seize its banking unit. 

SVB Financial Group listed assets and liabilities of as much as $10 billion each in a Chapter 11 petition filed in New York. Broker-dealer SVB Securities and venture capital arm SVB Capital aren’t included in the filing, according to a statement