SVB Financial Group, the parent company of Silicon Valley Bank, filed for Chapter 11 bankruptcy protection on Friday. This came a week after the sudden collapse of the tech-focused bank, set off fears of wider problems in the global banking system. The bank was seized the previous week by the federal government. SVB Financial Group is no longer affiliated with Silicon Valley Bank. The bank’s successor, Silicon Valley Bridge Bank, was not included in the Chapter 11 filing. The bankruptcy filing creates a legal battle over the bank’s remaining assets between the creditors of the holding company and regulators who are looking to make depositors whole. SVB Financial Group believes it has approximately $2.2 billion of liquidity. It also said it has other valuable securities and assets that are being considered for sale.

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