The parent of Silicon Valley Bank filed for Chapter 11 bankruptcy a week after the tech-focused bank failed and was seized by the U.S. government.
The filing from SVB Financial Group on Friday is not a surprise, with much of the company now under the control of U.S. banking regulators. During the 2008 financial crisis, the parent companies of failed banks Washington Mutual and IndyMac -- filed for bankruptcy protection in the days after their banking operations failed.
Also, Silicon Valley Bank along with its CEO and its chief financial officer were targeted this week in a class action lawsuit that claims the company didn't disclose the risks that future interest rate increases would have on its business.
SVB Financial Group is no longer affiliated with Silicon Valley Bank after its seizure by the Federal Deposit Insurance Corporation. The bank's successor, Silicon Valley Bridge Bank, is being run under the jurisdiction of the FDIC and is not included in the Chapter 11 filing.
The bankruptcy filling by SVB Financial Group will create a legal battle over the bank's remaining assets, between the creditors of the holding company and bank regulators who are looking to make depositors whole. SVB Financial Group believes it has approximately US$2.2 billion of liquidity. It also said it also has other valuable investment securities accounts and other assets that are being considered for sale.
The Wall Street Journal reported that a group of distressed debt investors -- mostly hedge funds -- bought up the bonds of Silicon Valley Bank's holding company in a bet that that there will be some proceeds for bondholders after the bankruptcy process is completed.
"The Chapter 11 process will allow SVB Financial Group to preserve value as it evaluates strategic alternatives for its prized businesses and assets, especially SVB Capital and SVB Securities," William Kosturos, Chief Restructuring Officer for SVB Financial Group, said in a prepared statement Friday.
SVB Capital is the company's venture capital and private credit fund. SVB Securities is a regulated broker-dealer. Both continue to operate and have sources of funding, the company said.
The shuttering of Silicon Valley Bank last Friday and of New York's Signature Bank two days later has revived bad memories of the financial crisis that plunged the United States into the Great Recession about 15 years ago.
Over the weekend the federal government, determined to restore public confidence in the banking system, moved to protect all the banks' deposits, even those that exceeded the FDIC's US$250,000 limit per individual account.
A Quebec mother of six, once detained in northeast Syria, has died while waiting for repatriation. The Canadian woman was known only by her initials F.J.
The federal government allowed 30-year mortgage amortizations for first-time homebuyers purchasing new builds in August, and the new rules are set to expand in December to everyone looking to buy a newly-constructed home.
A former Sports Illustrated swimsuit model鈥痠s alleging鈥痶hat former President Donald Trump groped her in the 1990s, in what she believes was an attempt to show off for Jeffrey鈥疎pstein.
Immigration Minister Marc Miller says Canada's long-held consensus on immigration is under threat, but has not disappeared.
In the final part of a four-part investigation into the seedy underbelly of the lucrative clothing donation bin industry, CTV W5's Jon Woodward and Joseph Loiero look at how some cities are trying to rein in the chaos.
U.S. authorities earlier this year knew the whereabouts of a former Canadian Olympian who is now on the run for allegedly running a transnational drug trafficking ring and orchestrating murders in Ontario, according to Ontario court documents.
If Canadians could vote in the U.S. election, a majority would choose to send Kamala Harris to the White House.
The federal government is giving Canada Post the ability to store and transport restricted firearms in new regulations that bring the retail gun buyback program one step closer to beginning.
European scientists have developed an artificial intelligence (AI) algorithm capable of interpreting pig sounds, aiming to create a tool that can help farmers improve animal welfare.
An infant has died and a woman is in hospital with life-threatening injuries after they were pulled from a burning home in the city's west end overnight.
Montreal police say four teenagers suffered stab wounds after an altercation near John F. Kennedy High School in the Villeray鈥擲aint-Michel鈥擯arc-Extension borough.
Voting officials say recounts in two ridings that could determine the outcome of British Columbia's election won't start until Sunday afternoon 鈥 and it won't be until Monday before the makeup of the legislature is finalized.
The Maritime Sikh Society says the body of a young employee who died at a Walmart in Halifax last weekend was found by her mother.
U.S. authorities earlier this year knew the whereabouts of a former Canadian Olympian who is now on the run for allegedly running a transnational drug trafficking ring and orchestrating murders in Ontario, according to Ontario court documents.
If Canadians could vote in the U.S. election, a majority would choose to send Kamala Harris to the White House.
Israeli strikes killed 36 people, many of them children, in Gaza and three journalists in Lebanon on Friday, as worries grew about supply shortages in Gaza and international pressure for a ceasefire mounted.
As the International Criminal Court's top prosecutor sought war crimes charges this year against Israeli Prime Minister Benjamin Netanyahu over actions in Gaza, he was engulfed in a very different personal crisis playing out behind the scenes.
Tropical Storm Trami blew away from the northwestern Philippines on Friday, leaving at least 82 people dead in landslides and extensive flooding that forced authorities to scramble for more rescue boats to save thousands of terrified people, who were trapped, some on their roofs.
North Korean troops are poised to be deployed by Russia on the battlefield in Ukraine as early as this weekend, Ukrainian President Volodymyr Zelenskyy claimed Friday.
A former Sports Illustrated swimsuit model鈥痠s alleging鈥痶hat former President Donald Trump groped her in the 1990s, in what she believes was an attempt to show off for Jeffrey鈥疎pstein.
A Los Angeles prosecutor said on Thursday he would ask a judge to release Erik and Lyle Menendez on parole after nearly 35 years in prison for the shotgun murder of their parents, as new evidence emerged indicating they were sexually abused by their father for years.
Immigration Minister Marc Miller says Canada's long-held consensus on immigration is under threat, but has not disappeared.
A Quebec mother of six, once detained in northeast Syria, has died while waiting for repatriation. The Canadian woman was known only by her initials F.J.
As Prime Minister Justin Trudeau faces growing pressure from within his own caucus to step aside, former B.C. premier Christy Clark says she is open to returning to politics.
Quebec's health department says it will be ready to meet the expected demand for advanced applications for medical assistance in dying when it begins accepting those requests next week.
A Colorado man has filed the first lawsuit against McDonald鈥檚 relating to its E. coli outbreak linked to Quarter Pounders that, so far, has led to at least 49 illnesses across 10 states, including one death.
Radon is a radioactive gas found in nearly every Canadian home. A new research study is putting a renewed spotlight on the invisible, odourless element that is the second-leading cause of lung cancer in Canada.
Most people have accumulated a pile of data -- selfies, emails, videos and more -- on their social media and digital accounts over their lifetimes. What happens to it when we die?
London Ont. born astronaut and Mission Specialist Jeremy Hansen spoke with thousands of high school students across the country today about the upcoming Artemis II mission.
Diverse firefly species lit up the night during the late Mesozoic period, scientists have confirmed.
A new organization that aims to help people struggling with addiction officially launched in Ottawa Thursday, named after the late Matthew Perry.
Argentina's police raided the Buenos Aires hotel where ex-One Direction singer Liam Payne stayed before dying last week after falling from a third-floor balcony, a government official said Thursday.
From apparitions to zombies, this season offers up a variety of scary movies, and film critic Richard Crouse has put together a list to help you find the perfect horror movie to watch on Halloween.
Natural gas producers in Western Canada have white-knuckled it through months of depressed prices, with the expectation that their fortunes will improve when LNG Canada comes online in the middle of next year.
Iceland鈥檚 economy is outperforming most European peers after the nationwide introduction of a shorter working week with no loss in pay, according to research released Friday.
It's a dream for many Canadians, trying to save up enough money for a down payment on their very first home. That was also the dream for the Esmeralda family, a family of five with two dogs who currently live in a Scarborough apartment building.
In early 2018, Amanda and Sunil started chatting, messaging back and forth on Instagram, introducing themselves and talking a little about their lives. Fast forward to August 2018, the couple got engaged on vacation in Thailand and a year later, after Amanda moved to India, got married.
A Toronto man who only recently checked a Lotto 6/49 lottery ticket he bought back in June is now $2.5 million richer.
Within a year of dating, 31-year-old Siara Rouzer crossed a major relationship milestone. The guy she was seeing was no longer a boyfriend but her partner.
A Sherpa teenager who's won mountaineering celebrity as the youngest person ever to summit the world's 14 highest peaks called for Sherpas to be recognized as athletes and expedition leaders as well as porters and guides.
Broadway vs. Hollywood has produced the starriest Series in decades, if not ever.
The parent company of WWE and UFC is buying Professional Bull Riders, On Location, and IMG from Endeavor Group in an all-stock deal valued at US$3.25 billion.
A town in southern Alberta will be one of the first to let golf carts be driven on select roads as part of a provincial pilot program.
An increased risk of fire has prompted the recall of thousands of Honda hybrid vehicles in Canada.
A senior executive for Volkswagen in China has been deported for allegedly using cocaine and marijuana while on vacation in Thailand, according to Chinese authorities and German media reports.
A new resident at a Manitoba animal rescue has waddled her way into people's hearts.
Hundreds of people ran to the music of German composer and pianist Beethoven Wednesday night in a unique race in Halifax.
He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.
A meteor lit up our region's sky last night 鈥 with a large fireball shooting across the horizon over Lake Erie at around 7:00 p.m.
Residents of Ottawa's Rideauview neighbourhood say an aggressive wild turkey has become a problem.
A man who lost his life while trying to rescue people from floodwaters, and a 13-year-old boy who saved his family from a dog attack, are among the Nova Scotians who received a medal for bravery Tuesday.
A newly minted Winnipegger is hoping a world record attempt will help bring awareness for the need for more pump track facilities in the city.
A Springfield, Ont. man is being hailed a 'hero' after running into his burning home to save his two infant children.
Hortense Anglin was the oldest graduate to make her way across the platform at York University's Fall Convocation ceremony this week. At the age of 87, she graduated with an Honours degree in Religious Studies.
With the final results of the B.C. election still pending, speculation is rampant about what concessions the Greens might ask for to prop up a potential NDP minority 鈥 and it could be a common philosophy about health care that ultimately helps forge an alliance.
Crews removed approximately 50 tonnes of "fatbergs" from the sewer system in Richmond, B.C., earlier this month, according to Metro Vancouver.
The Canadian government's plan to reduce the number of immigrants entering the country could impact B.C.'s housing affordability.
An infant has died and a woman is in hospital with life-threatening injuries after they were pulled from a burning home in the city's west end overnight.
The federal government allowed 30-year mortgage amortizations for first-time homebuyers purchasing new builds in August, and the new rules are set to expand in December to everyone looking to buy a newly-constructed home.
A driver who crashed his car into a Midtown Toronto Tim Hortons early Friday morning suffered minor injuries, paramedics say.
An animal rights group is calling on the Calgary Humane Society and Canada Food Inspection Agency (CFIA) to launch investigations into a semi-truck crash in Calgary on Tuesday that left 17 cows dead.
The Royal Canadian Legion Poppy Campaign is launching Oct. 25, aiming to raise money to support Canada鈥檚 veterans and their families.
The Village of Morrin, north of Drumheller, is having an underground issue with some of its vacant lots.
Hundreds of OC Transpo bus trips have been cancelled this week due to a 鈥渄ecrease in fleet availability and increased congestion鈥 on Ottawa鈥檚 roads, according to the transit service.
The Ottawa Police Service has identified the woman who was stabbed to death at Paul Landry Park on Uplands Drive Thursday morning.
An unusual item was found parked at the bottom of the historic Rideau Canal as Parks Canada drained the water this week 鈥 electric scooters.
Montreal police say four teenagers suffered stab wounds after an altercation near John F. Kennedy High School in the Villeray鈥擲aint-Michel鈥擯arc-Extension borough.
A new tree-planting pilot project in Plateau-Mont-Royal is drawing criticism for eliminating parking spaces in a borough already facing limited parking, as well as for its cost.
October is Breast Cancer Awareness Month and on Thursday the Quebec Breast Cancer Foundation held a brunch in downtown Montreal featuring a special guest: Mathew Knowles.
Some Edmonton public school support staff walked off the job Thursday morning, after the province stepped in on Wednesday to prevent strike action.
The man who cut up the body of his grandson's mother is going to prison after the Alberta Court of Appeal overturned his previous sentence.
The City of Edmonton says staying proactive has helped keep its 90,000 elm trees relatively untouched by the devastating Dutch elm disease (DED).
The Maritime Sikh Society says the body of a young employee who died at a Walmart in Halifax last weekend was found by her mother.
Gas prices dropped slightly in Nova Scotia and New Brunswick overnight, while there was no change on Prince Edward Island for the second week in a row.
WorkSafeNB is investigating after a man was killed in a workplace incident at a tire shop in Moncton, N.B., last week.
The Manitoba man who brutally murdered his partner and two young children stood in court, voice wavering, and apologized for his actions that ended the lives of three people he said he loved very much.
A pair of councillors in the RM of Springfield plan on bringing forward a motion to opt out of Plan 20-50 when they are first able to.
A Winnipeg teenager has been charged with multiple offences after a stolen car crashed in St. Boniface Thursday morning.
After two days of advance polls, more than 119,000 people have already cast a ballot in-person for the 2024 Saskatchewan election.
A man is dead and two other people were injured in a two vehicle collision north of Regina on Wednesday evening.
Regina police says a reward of up to $50,000 is available for information that leads to the arrest of Daniel 'Juma' Drie Atem, who officers say is responsible for a murder that occurred downtown in the summer of 2023.
Fire crews responded to a house fire in St. Clements Thursday night.
Erick Buhr, the man on trial for second-degree murder in the death of his grandmother Viola Erb, took the stand Thursday to testify in his own defense.
A Kitchener man has been charged with arson after playground equipment was set on fire earlier this week.
The Saskatchewan RCMP is calling off its dangerous persons alert after two people were arrested in the Tobin Lake area Thursday afternoon.
A former tire recycling company in Saskatoon is announcing additional layoffs months after a dispute with the provincial government.
Saskatoon police are investigating a series of suspicious fires that were lit in the Mayfair neighbourhood on Thursday morning.
The Maritime Sikh Society says the body of a young employee who died at a Walmart in Halifax last weekend was found by her mother.
In the final part of a four-part investigation into the seedy underbelly of the lucrative clothing donation bin industry, CTV W5's Jon Woodward and Joseph Loiero look at how some cities are trying to rein in the chaos.
The Gathering Place board chair Peter Gregory is vowing to fight to keep the doors to the Cassells Street soup kitchen open after the District of Nipissing Social Services Administration Board denied their six-figure funding request.
London police are asking for the public鈥檚 help identifying a suspect involved in a robbery on Sunday.
Eighteen months after the closure of the London Health Sciences Centre鈥檚 (LHSC) fertility clinic, its replacement is now fully operational.
The London Health Sciences Centre Research Institute (LHSCRI) has released findings on their study looking into mood and anxiety disorders in young adults.
The cost of living is increasing, from groceries to gas, prices are consistently going up, and now there鈥檚 controversy surrounding paying for parking at hospitals.
OPP executed a search warrant at a Midland home address.
A haunted house in the Ontario Town of Innisfil is causing a real scare for some people a week before Halloween.
Issues include benefits, wages, working conditions, contracting out/work ownership and getting union representation for staff.
An active investigation is underway in the city.
According to the Ontario Nurses Association, about 84 registered nurses and registered practical nurses reached the collective agreement after two rounds of concilliation.
With the final results of the B.C. election still pending, speculation is rampant about what concessions the Greens might ask for to prop up a potential NDP minority 鈥 and it could be a common philosophy about health care that ultimately helps forge an alliance.
As the RCMP prepare to strap cameras to the chests of front-line police officers, an expert warns they might not work 鈥 at least, not in the way some had hoped.
Mounties on Vancouver Island are investigating after a set of popular driftwood sculptures was reportedly stolen last week.
Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.
A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.
Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
The Municipality of Crowsnest Pass deserves a better shot at becoming a significant tourism hub than the UCP government is giving it, an NDP shadow minister said as the southwestern Alberta community gears up for a coal mining plebiscite.
A three-game road trip across the prairies got off on a sour note Wednesday night as the Medicine Hat Tigers defeated the Calgary Hitmen 4-2.
A town in southern Alberta will be one of the first to let golf carts be driven on select roads as part of a provincial pilot program.
A critical piece of the Sault鈥檚 homeless outreach strategy is almost ready to hit the road.
Police seized drugs, $70,000 and a large gold chain in a drug trafficking bust earlier this month in Thunder Bay.
An annual event held in Sault Ste. Marie is back for the 29th year to ensure local kids get the winter clothing they need as the temperature dips.
Investigators found the remains of a 77-year-old American man on Wednesday at the scene of a fire that destroyed a hotel in western Newfoundland earlier on the weekend.
Police in western Newfoundland say a 77-year-old man visiting the province from Kansas is missing after a fire at a hotel in Deer Lake, N.L.
At 2 p.m. on Thursday, the scene at the Lions Club in Clarenville, N.L., rivalled any rowdy St. John's bar that thumps with music late on a weekend night.
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