The bankruptcy does not include Silicon Valley Bank, which the Federal Deposit Insurance Corporation governs.
earlier that a number of hedge funds and asset managers had purchased discounted bonds issued by SVB Financial despite government officials' warnings that investors would probably lose everything.Financial, which holds about $2.2bn in cash and marketable securities, $3.3bn of bond debt, and $3.7bn of preferred stock, may need to assist in covering losses at SVB.
The petition for bankruptcy comes a day after the top banks on Wall Street announced a $30 billion commitment to support First Republic, another mid-sized bank whose depositors fled after being scared away by the current banking crisis.
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