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SVB Financial seeks bankruptcy protection
for reorganization

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Posted By: Dreadnought, 3/17/2023 10:22:35 AM

SVB Financial Group said on Friday it filed for a court-supervised reorganization under Chapter 11 bankruptcy protection to seek buyers for its assets, days after its former unit Silicon Valley Bank was taken over by U.S. regulators. The move to commence bankruptcy proceedings comes as emergency measures to shore up confidence have so far failed to dispel worries about a financial contagion. Shares of big U.S. banks fell between 1.5% and 2% in premarket trading on Friday. Californian regulators shuttered Silicon Valley Bank last Friday, making it the largest collapse since Washington Mutual went bust during the financial crisis of 2008.

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Reply 1 - Posted by: janjan 3/17/2023 11:24:20 AM (No. 1427310)
The bank execs got their money out and everyone got bonuses. Now they want the courts to allow bankruptcy? The gall of these people has no limits. Outrageously they will probably get away with it.
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