SVB Securities Draws Single Bidder in Parent Firm’s Bankruptcy

SVB Financial Group, the bankrupt former parent company of Silicon Valley Bank, has received only one qualifying bid for its investment banking unit, SVB Securities.

WATCH: How the collapse of SVB happened.

Source: Bloomberg

“At this time, there is one bid that is currently deemed to be a qualified bid under the bid procedures,” Christian Jensen, a lawyer who represents the firm, said in a bankruptcy hearing Wednesday. He didn’t share additional details about the bidder.

A sale hearing for the unit is currently scheduled for June 5, although it may have to be pushed back in order for bidders to have enough time to ...