SVB Bankruptcy Plan Approved, But $2 Billion FDIC Fight Lingers

Bloomberg08-05

(Bloomberg) -- A judge approved SVB Financial Group’s restructuring deal but dealt the company a setback in its fight with federal regulators to recover about $2 billion it had at its Silicon Valley ...

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The group includes funds managed by Citadel Advisors LLC, Hudson Bay Capital, King Street Capital Management LP and other Wall Street heavyweights, according to court documents.But the ruling leaves unresolved its fight with the Federal Deposit Insurance Corp. over roughly $1.93 billion in deposits held by the former Silicon Valley Bank. Judge Glenn rejected the former bank parent’s argument that the Chapter 11 should extinguish the FDIC’s right to set off amounts owed to SVB.Setoff rights allow the FDIC to reduce liabilities it may owe SVB. Judge Glenn said he would not consider the merits of the FDIC’s setoff righ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SIVBQ":"硅谷银行","SIVPQ":"SVB Financial Group","BK4207":"综合性银行"},"translate_title":"SVB破产计划获得批准，但20亿美元的FDIC之争挥之不去","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SIVBQ":0.9,"SIVPQ":0.9},"content_text":"(Bloomberg) -- A judge approved SVB Financial Group’s restructuring deal but dealt the company a setback in its fight with federal regulators to recover about $2 billion it had at its Silicon Valley Bank subsidiary when it collapsed last year.\nJudge Martin Glenn on Friday backed SVB’s plan to distribute assets to creditors and preferred equity holders, largely resolving its bankruptcy. The group includes funds managed by Citadel Advisors LLC, Hudson Bay Capital, King Street Capital Management LP and other Wall Street heavyweights, according to court documents.\nBut the ruling leaves unresolved its fight with the Federal Deposit Insurance Corp. over roughly $1.93 billion in deposits held by the former Silicon Valley Bank. Judge Glenn rejected the former bank parent’s argument that the Chapter 11 should extinguish the FDIC’s right to set off amounts owed to SVB. \nSetoff rights allow the FDIC to reduce liabilities it may owe SVB. Judge Glenn said he would not consider the merits of the FDIC’s setoff rights, saying that analysis should be made by district courts overseeing that dispute.\nRepresentatives for SVB Financial didn’t immediately respond to a request for comment Monday. \nThe bankruptcy case is SVB Financial Group, 23-10367, US Bankruptcy Court for the Southern District of New York.\n©2024 Bloomberg L.P.","kind":"highlight","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":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"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":"4.29.3","shortVersion":"4.29.3","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/2457770351"}