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SVB Financial gets approval of bid procedures for SVB Securities
By Sarah Lizee
Olympia, Wash., May 17 – SVB Financial Group secured approval of bid procedures for its SVB Securities business, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.
Non-debtor SVB Securities Holdings LLC, a wholly owned subsidiary of the debtor, provides investment banking services across the health care and technology sectors. It also provides equity research coverage for over 355 health care and technology companies.
SVB Securities generates income for SVB Financial primarily through investment banking fees and commissions.
SVB Financial is contemplating a potential sale of SVB Securities Holdings or one or more of its material subsidiaries, including SVB Securities LLC, SVB MEDACorp LLC and MoffettNathanson LLC.
The debtor said that since the announcement of its review of strategic alternatives prior to the start of the Chapter 11 case, several parties have expressed interest in acquiring SVB Securities.
No final decision has been made to sell any portion of SVB Securities, and any sale will be subject to the approval of the restructuring committee or the board as well as the approval of the court.
To ensure that SVB Securities is sold for the highest or otherwise best bid, SVB Financial developed the bid and auction procedures.
Under those procedures, the bid deadline is 5 p.m. ET on May 22, an auction will be held on May 25, and a sale hearing will take place on June 5.
The financial services and bank holding company is based in Santa Clara, Calif. The company filed bankruptcy on March 17 under Chapter 11 case number 23-10367.
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