SVB Financial Group, the former parent company of the collapsed Silicon Valley Bank, filed for Chapter 11 protection on Friday in New York bankruptcy court.
SVB Financial Group’s filing for Chapter 11 protection on Friday is the largest bankruptcy filing following a bank failure since Washington Mutual Inc. in 2008. Silicon Valley Bank collapsed last week and was SVB Financial’s primary business.
The Wall Street Journal noted that the Chapter 11 petition names asset managers Vanguard Group, BlackRock Inc., and State Street Corp. for holding more than 5 percent of its voting securities. SVB Financial also said it had $3.3 billion in unsecured debt and $3.7 billion in stock, which would be wiped out in bankruptcy.
Silicon Valley Bank was not included in Friday’s bankruptcy filing. Additionally, the venture capital company SVB Capital…