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SIVBP - Bankrupt SVB Financial Doesn't Seem Insolvent Some Investors Could Get Meaningful Recoveries
SVB Financial Group Depositary Shs each representing a 1/40th interest in a share of 5.25% Fixed-Rate Non-Cumulative Perpetual Preferred Stock Series A
2023-03-19 02:31:44 ET
Summary
Parent company of Silicon Valley Bank, SVB Financial Group, filed for Ch.11 bankruptcy in New York on March 17.
SVB Financial Group is actually not insolvent, and they just needed to use the automatic stay provision under the bankruptcy code to sell their assets in a timely manner.
Unsecured noteholders could actually get a full recovery under a Ch.11 reorganization plan.
While preferred shareholders should get a meaningful recovery, it is unlikely common shareholders will get anything.
SVB Financial Group Depositary Shs each representing a 1/40th interest in a share of 5.25% Fixed-Rate Non-Cumulative Perpetual Preferred Stock Series A