: SVB Financial sets up restructuring committee to explore alternatives

SVB Financial Group SIVB said Monday it has appointed a restructuring committee, made up of five independent directors of its board, to explore strategic alternatives for the holding company and its SVB Capital and SVB Securities businesses. The company said SVB Capital and SVB Securities are not part of its Silicon Valley Bank, which was put in receivership by regulators on Friday. SVB said the restructuring committee will also “explore all alternatives” for addressing the $3 billion in funded debt held by the holding company. SVB is being advised by Centerview Partners LLC, Sullivan & Cromwell LLP, and Alvarez & Marsal. SVB’s stock, which has been halted since before Friday’s open, following Thursday’s record 60.4% plunge, has plummeted 80.0% over the past 12 months, which makes it the biggest loser in the S&P 500 SPX over that time.

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