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SVB’s Former Parent May Need New Funding After $2 Billion Cash Seizure

Silicon Valley Bank's former owner may need to take out a bankruptcy loan amid uncertainty about the U.S. Federal Deposit Insurance Company's seizure of $2 billion in cash from the company, its attorney said Wednesday.

SVB Financial has about $180 million on hand and is not in "imminent danger" of running out of cash attorney James Bromley said at a court hearing before U.S. Bankruptcy Judge Martin Glenn in Manhattan, who is overseeing the company's Chapter 11 proceedings.

SVB Silicon Valley Bank
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