Silicon Financial Group, the parent company of America’s Silicon Valley Bank, has now pleaded to save itself from being ‘bankrupt’. For this, he has taken the support of the Bankruptcy Protection Act.
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Ab mohe ‘bankrupt’ na hona dijo… Yes, America’s sunken Silicon Valley Bank has made a similar request. On Friday, Silicon Valley Bank’s parent company Silicon Financial Group appealed to a court-supervised restructuring committee to save itself from bankruptcy.
Silicon Financial Group has appealed to the court-supervised reorganization committee (Court Supervised Reorganization) to save it under Chapter-11 of the Bankruptcy Protection Act. The financial group has asked buyers to buy its assets.
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This step has been taken by the parent company of Silicon Valley Bank in such a time when its assets and deposits have been seized by the US regulators recently. On the other hand, on March 13, the company had said that it is planning to find strategic options for its businesses.
Banking shares are falling
This bank is in a bad condition in the stock market. At the same time, during the pre-market session, the shares of American banks have seen a decline of up to 1.5 percent. While the shares of PacWest Bancorp and First Republic Bank declined by 10 percent and 20 percent respectively.
it will not go bankrupt
Silicon Financial Group’s application under Chapter-11 has not included SVB Securities and SVB Capital’s funds and other partner units.
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Media reports had already claimed that the parent company could use the bankruptcy protection act to sell the assets.
SVB was closed last week
Silicon Valley Bank was shut down by US regulators last week. The bank’s total assets of $ 209 billion and total deposits of $ 175.4 billion were seized. This is the biggest bank failure in America after the 2008 financial crisis.
