Reported 2 months ago
SVB Financial Group, the previous owner of the now-defunct Silicon Valley Bank, has received approval from a U.S. judge to distribute its assets to creditors and finalize its bankruptcy. This restructuring includes the formation of a trust to litigate against the FDIC for $1.9 billion that was seized during the bank's collapse in 2023. The outcome of this case, which revolves around the FDIC's claims regarding the protection of deposits, will significantly impact the repayment percentage for the company's senior bondholders, who are owed a total of $3.3 billion.
Source: YAHOO