: New SVB debt-holders group wants company to file for bankruptcy: WSJ


Creditors of SVB Financial Group, Silicon Valley Bank’s parent company, have banded together in hopes of profiting off a post-bankruptcy sale of the distressed company’s business segments, the Wall Street Journal reported on Tuesday. The group, which holds a substantial amount of SVB Financial bonds scooped up over the past few days, includes PIMCO, Centerbridge Partners LP and Davidson Kempner Capital Management LP, the Journal said, with PJT Partners Inc. PJT, +2.18% serving as advisor. The Journal said the group wants SVB Financial to file for bankruptcy and, afterward, auction non-bank assets — potentially those like SVB Private, SVB’s wealth management segment, investment manager SVB Capital and the investment bank SVB Securities. Silicon Valley Bank collapsed on Friday following a bank run. Regulators stepped in to shore up its funds, but have had trouble finding a buyer.

This article was originally published by Marketwatch.com. Read the original article here.

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