JUST IN: SVB Financial files for Chapter 11 bankruptcy protection
Silicon Valley Bank's holding company on Friday filed for Chapter 11 bankruptcy protection.
This is an effort to preserve value ahead of a second auction for SVB Financial Group's assets, including Silicon Valley Bank, by the Federal Deposit Insurance Corp., which took control of SVB one week ago.SVB's securities unit and venture capital business are not included in the Chapter 11 filing.
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