SVB creditors form group ahead of possible bankruptcy - WSJ

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March 14, 2023 5:37 PM EDT

FILE PHOTO: A police officer controls an access to a branch of Silicon Valley Bank in Wellesley, Massachusetts, U.S., March 13, 2023. REUTERS/Brian Snyder

(Reuters) -Creditors of Silicon Valley Bank's parent company have formed a group in anticipation of a potential bankruptcy filing, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

Embattled lender SVB, which was shut down last week, on Monday said it was exploring strategic alternatives and had hired a restructuring veteran, but has not said it was planning to file for bankruptcy.

The creditor group includes Centerbridge Partners, Davidson Kempner Capital Management and Pacific Investment Management Co, the report said, adding that they were being advised by PJT Partners Inc.

The companies did not immediately respond to Reuters requests for comment.

(Reporting by Niket Nishant in Bengaluru; Editing by Devika Syamnath)


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