March 19 (Reuters) – SVB Financial (SIVB.O), the bankrupt parent company of Silicon Valley Bank, has lost access to its financial records after the bank was placed into receivership by the Federal Deposit Insurance Corporation (FDIC), according to court documents filed in Manhattan on Sunday.
SVB Financial is exploring options, including a potential bankruptcy sale, for its venture capital and investment banking businesses, which were not included in the FDIC’s takeover of SVB. But its Chapter 11 bankruptcy has gotten off to a “challenging” start due to a breakdown in cooperation with the bridge bank set up to take over SVB’s business, according to a declaration filed Sunday by SVB Financial Chief Restructuring Officer William Kosturos in U.S. bankruptcy court.
