SVB Financial Bonds Rise After $600 Million Cut to Tax Bill

Bloomberg07-02

(Bloomberg) -- SVB Financial Group secured a more than $600 million cut to its potential tax bill, boosting some bonds tied to the bankrupt former parent of Silicon Valley Bank and removing an ...

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BlackRock Buys Preqin for $3.2 Billion in Private Data Push. France’s Market Rally Falters as Investors See Enduring Risk. The Internal Revenue Service agreed to reduce one of its tax claims from about $649 million to $43 million, according to court papers. The substantial reduction is related to resolution of a dispute over SVB Financial’s use of a “mark-to-market” accounting method to value certain financial products.SVB Financial lawyer Christian Jensen said during a Monday bankruptcy hearing in New York that the IRS has agreed to continue discussing other matters that are unrelated to the mark-to-market dispute. However, none ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4207":"综合性银行","SIVPQ":"SVB Financial Group","SIVBQ":"硅谷银行"},"translate_title":"SVB金融债券在减税6亿美元后上涨","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SIVBQ":0.9,"SIVPQ":0.9},"content_text":"(Bloomberg) -- SVB Financial Group secured a more than $600 million cut to its potential tax bill, boosting some bonds tied to the bankrupt former parent of Silicon Valley Bank and removing an obstacle in its path to repaying creditors in Chapter 11.\nMost Read from Bloomberg\n\nSupreme Court Says Trump Has Some Immunity, Delaying Trial\n24-Hour Stock Trading Is Booming – and Wall Street Is Rattled\nBlackRock Buys Preqin for $3.2 Billion in Private Data Push\nTrump as President or Private Citizen: Why Supreme Court’s Immunity Ruling Is a Test\nFrance’s Market Rally Falters as Investors See Enduring Risk\n\nThe Internal Revenue Service agreed to reduce one of its tax claims from about $649 million to $43 million, according to court papers. The substantial reduction is related to resolution of a dispute over SVB Financial’s use of a “mark-to-market” accounting method to value certain financial products.\nSome bonds tied to SVB were among the biggest gainers in high-yield debt trading Monday. The company’s 1.8% notes due 2026 rose as much as 2.625 cents on the dollar to 63.625 cents, according to Trace.\nSVB Financial lawyer Christian Jensen said during a Monday bankruptcy hearing in New York that the IRS has agreed to continue discussing other matters that are unrelated to the mark-to-market dispute. However, none of the remaining matters “are of the same magnitude as the mark-to-market issue that posed a barrier to implementation of the debtor’s plan,” Jensen said.\nThe holding company is working on a finalizing a bankruptcy plan that would see it repay bondholders and other creditors owed $3.5 billion at least 40% of that sum. Creditors have until July 3 to vote on the plan and Judge Martin Glenn will consider approving it later this month. \nSVB Financial and its bondholders are still facing a challenge with the Federal Deposit Insurance Corp. over what should happen to nearly $2 billion the parent company had on deposit at Silicon Valley Bank at the time it failed in March 2023.\nThe bankruptcy case is SVB Financial Group, 23-10367, US Bankruptcy Court for the Southern District of New York.\n--With assistance from Jeremy Hill and Steven Church.\nMost Read from Bloomberg Businessweek\n\nThe Fried Chicken Sandwich Wars Are More Cutthroat Than Ever Before\nOnline Shopping Warehouses Are Reshaping Rural America\nJapan’s Tiny Kei-Trucks Have a Cult Following in the US, and Some States Are Pushing Back\nRTO Mandates Are Killing the Euphoric Work-Life Balance Some Moms Found\nThe FBI’s Star Cooperator May Have Been Running New Scams All Along\n\n©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2448943889"}