SVB Financial Group filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of New York on March 17, 2023. The debtor listed its assets of $4,078.18 million and liabilities in the range of $1 billion to $10 billion. The debtor is represented by James L. Bromley of Sullivan & Cromwell LLP as its legal counsel.

The debtor also hired Alvarez & Marsal North America, LLC, and Timothy Martin of Huron Consulting Services as its financial advisors and Centerview Partners LLC as its investment banker. Kroll Restructuring Administration LLC has been appointed as claims, noticing and balloting agent to the debtor.