© Reuters. FILE PHOTO: Destroyed SVB (Silicon Valley Bank) logo is seen in this illustration taken March 13, 2023. REUTERS/Dado Ruvic/Illustration
(Reuters) -SVB Financial Group will not be able to meet the U.S. Securities and Exchange Commission’s deadline for reporting its quarterly results, the bankrupt parent of Silicon Valley Bank disclosed in a filing on Tuesday.
On March 17, the company had filed for a court-supervised reorganization under Chapter 11 bankruptcy protection to seek buyers for its assets, days after former unit Silicon Valley Bank was taken over by U.S. regulators following a bank run triggered by customers pulling billions in deposits.
SVB Financial said its limited staff was dedicated to exploring strategic alternatives for the remaining businesses.
The company added that it intends to file first-quarter reports in an 8-K form with the regulator disclosing material events in its chapter 11 bankruptcy case and other documents, including unaudited financial information.
Californian regulators shuttered Silicon Valley Bank in early March and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
The failures of SVB and Signature Bank (OTC:) triggered the biggest banking crisis since 2008, fueling volatility in the stocks of several regional lenders and exacerbating recession fears.
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