From Investing.com: 2024-08-02 20:51:00

SVB Financial Group was granted permission by a U.S. judge to end its bankruptcy and turn over its assets to creditors. The restructuring includes creating a trust to pursue litigation against the FDIC for seizing $1.9 billion during Silicon Valley Bank’s collapse. The battle over the funds will take place in a California federal court.

Senior bondholders, owed $3.3 billion, could receive between 41% and 96% of what they are owed depending on the outcome of the litigation. Bondholders include MFN Partners, PIMCO, Bank of America Securities, JP Morgan Securities, and King Street Capital. SVB Financial has also sold off assets such as its venture capital and investment banking units.



Read more at Investing.com: Silicon Valley Bank’s former owner gains approval to end bankruptcy By Reuters