 |
Joele Frank is handling the bankruptcy filing for SVB Financial, a restructuring designed to preserve the value of its venture capital platform and regulated broker-dealer units.
Silicon Valley Bank, which was shut down by federal government, is no longer affiliated with SVB Financial. The Federal Deposit Insurance Corp. oversees Silicon Valley Bridge Bank.
SVB Financial estimates It has $2.2B in liquidity flowing from SVB Capital, SVB Securities and cash.
The Chapter 11 filing provides some financial protection for SVB Financial as it explores strategic options for SVB Capital and SVB Securities, which CEO William Kosturos calls “prized businesses and assets.”
“SVB Capital and SVB Securities continue to operate and serve clients, led by their longstanding and independent leadership teams,” said Kosturos.
Joele Frank, Wilkinson Brimmer Katcher’s Michael Freitag, Jed Repko and Aaron Palash work the media for SVB Financial’s reorganization.
Longacre Square Partners represents Ancora Holdings as it urges the board of Big Yellow Group to conduct a strategic review of the UK’s No. 1 self-storage company.
Kekst CNC handles Getty Images as it begins a prepackaged Chapter 11 reorganization and receives a commitment from Koch Equity Development and the Getty family to invest $533M in the visual content company.
As capital concentrates among established firms, emerging managers must find new ways to earn investor confidence.
Teneo handles True Food Kitchen as the Scottsdale, AZ-based wellness food restaurant chain that counts Oprah Winfrey as a minority investor files for Chapter 11.
FGS Global and Teneo represent Canada’s billionaire Weston family as its Wittington Investments holding company acquires Boots Group, the 177-year-old UK health & beauty retailer, from Sycamore Partners for $8.9B.
