Silicon Valley Bank's former owner gains approval to end bankruptcy
NEW YORK - SVB Financial Group, the former owner of failed Silicon Valley Bank, received a U.S. judge's permission on Friday to turn over its assets to creditors and end its bankruptcy.
The FDIC has countered that it did not intend to protect the bank accounts of the parent company, saying the money was legally seized to offset its costs in rescuing the bank. The bondholders include MFN Partners, Pacific Investment Management Company, Bank of America Securities, JP Morgan Securities, and King Street Capital, according to court documents.
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