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SVB Financial pushes back bid deadline, auction for SVB Securities
By Sarah Lizee
Olympia, Wash., May 23 – SVB Financial Group pushed back the bid deadline and auction date for the sale of its SVB Securities business, according to a notice filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.
The bid deadline was moved to 5 p.m. ET on May 26 from 5 p.m. ET on May 22, and the auction was moved to May 31 from May 25.
The sale hearing remains June 5.
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.
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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