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Viome founder and CEO Naveen Jain discusses how his business had $25 million stored in Silicon Valley Bank on ‘Mornings with Maria.’
Silicon Valley Bank's parent company SVB Financial Group has filed for Chapter 11 bankruptcy protection in a New York court after the bank collapsed last week, upending the world of tech startups.
The company said in a statement that SVB Securities and SVB Capital's funds and general partner entities are not included in the Chapter 11 filing and continue to operate in the ordinary course as the company explores "strategic alternatives" for these businesses.
SVB Capital is the failed bank's venture capital arm that manages $9.5 billion with large investments in top Silicon Valley firms including Sequoia Capital, Andreessen Horowitz, and Ribbit Capital, according to documents reported by The Information. SVB Securities is an investment bank that specializes in health care and technology. Ticker Security Last Change Change % SIVB SVB FINANCIAL GROUP 106.04 -161.79 -60.41%
Silicon Valley Bank, N.A., the new entity created by the Federal Deposit Insurance Corporation (FDIC) after SVB's collapse, is no longer affiliated with SVB Financial Group and is not included in the Chapter 11 filing.
HOW FIRST REPUBLIC RESCUE, SILICON VALLEY BANK COULD COST MAIN STREET AMERICA
The Silicon Valley Bank (SVB) logo is seen through a rain covered window in front of the SVB headquarters on March 10, 2023, in Santa Clara, California. Silicon Valley Bank was shut down on March 10 by California regulators and was put in control of (Justin Sullivan/Getty Images / Getty Images)
The filing was made with the U.S. Bankruptcy Court for the Southern District of New York.
SVB Financial Group said it has approximately $2.2 billion of liquidity at time of filing. Its funded debt is approximately $3.3 billion in aggregate principal amount of unsecured notes, and the company also has $3.7 billion of preferred equity outstanding.
"The Chapter 11 process will allow SVB Financial Group to preserve value as it evaluates strategic alternatives for its prized businesses and assets, especially SVB Capital and SVB Securities," said William Kosturos, Chief Restructuring Officer for SVB Financial Group. "SVB Capital and SVB Securities continue to operate and serve clients, led by their longstanding and independent leadership teams."
PETER THIEL SAYS HE HAD $50M IN SILICON VALLEY BANK WHEN IT SHUT DOWN
An employee checks his phone after arriving to work to a shuttered Silicon Valley Bank (SVB) headquarters on March 10, 2023, in Santa Clara, California. Prior to being shut down by regulators, shares of SVB were halted on March 10 after falling more (Justin Sullivan/Getty Images / Getty Images)
"SVB Financial Group will continue to work cooperatively with Silicon Valley Bridge Bank," Kosturos continued. "We are committed to finding practical solutions to maximize the recoverable value for stakeholders of both entities."
Silicon Valley Bank, which mainly serviced tech startups and was the nation's 16th largest bank when it was shut down on March 10 by California regulators. The FDIC took over the bank's operations following a liquidity crisis as depositors rushed to withdraw their money amid a panic over the bank's health. It was the second-largest bank failure in United States history and the largest since Washington Mutual went under in 2008.
CCP-LINKED SILICON VALLEY BANK DEPOSITERS COULD BE ‘MADE WHOLE’ BY US: YELLEN
The FDIC announced a plan on Sunday to ensure that Silicon Valley Bank depositors would be able to access the full amount of their money. (AP Photo/Peter Morgan / AP Newsroom)
Days before its collapse, SVB disclosed huge losses which sent its stock price cratering 60%. The vast majority of SVB's customers had deposits in excess of the FDIC's $250,000 protection threshold, which led to fears hundreds of startup companies might lose access to their money and be unable to make payroll.
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The Treasury Department, the Federal Reserve, and the FDIC announced a plan on Sunday to ensure that SVB customers would be able to access all of their funds — even beyond the $250,000 limit. Critics have called the move a "bailout," but government officials have disputed that characterization, and financial analysts have noted that depositors, not SVB itself, are the ones benefiting from the government's action.
FOX Business' Breck Dumas contributed to this report.
Hockey fans often hear about the dreaded Stanley Cup hangover, when a team falters in the season after their championship. But a Presidents’ Trophy hangover?
Last season, the New York Rangers finished on top of the regular-season standings. This season, it’s looking less likely by the day that they’ll even make the playoffs.
When play begins Monday, the Rangers will be six points behind the Montreal Canadiens for the second wild-card spot in the Eastern Conference. With only six games left, they’ll need to come close to running the table, and will also need help from Montreal’s opponents.
Monday’s game is home against the Tampa Bay Lightning (7 p.m. ET, ESPN+). The Lightning have clinched a berth but will still be playing hard as they have a chance to catch the Toronto Maple Leafs for the top spot in the Atlantic Division.
As noted, New York will need to gin up a winning streak here to bolster its chances. As for the Canadiens, they close out with a somewhat easier schedule: home against the Detroit Red Wings, at the Ottawa Senators and Maple Leafs, then home for the Chicago Blackhawks and the Hurricanes.
So that’s the task ahead for the Blueshirts. Will they come through?
With the regular season ending April 17, we’ll help you track it all with the NHL playoff watch. As we traverse the final stretch, we’ll provide details on all the playoff races, along with the teams jockeying for position in the 2025 NHL draft lottery.
Points: 83 Regulation wins: 27 Playoff position: N/A Games left: 5 Points pace: 88.4 Next game: @ DAL (Tuesday) Playoff chances: 1.4% Tragic number: 2
Points: 74 Regulation wins: 23 Playoff position: N/A Games left: 6 Points pace: 79.8 Next game: vs. EDM (Monday) Playoff chances: 0% Tragic number: E
Points: 72 Regulation wins: 27 Playoff position: N/A Games left: 5 Points pace: 76.7 Next game: @ LA (Monday) Playoff chances: 0% Tragic number: E
Points: 50 Regulation wins: 14 Playoff position: N/A Games left: 6 Points pace: 54.0 Next game: vs. CGY (Monday) Playoff chances: 0% Tragic number: E
Note: An “x” means that the team has clinched a playoff berth. An “e” means that the team has been eliminated from playoff contention.
Race for the No. 1 pick
The NHL uses a draft lottery to determine the order of the first round, so the team that finishes in last place is not guaranteed the No. 1 selection. As of 2021, a team can move up a maximum of 10 spots if it wins the lottery, so only 11 teams are eligible for the No. 1 pick. Full details on the process are here. Matthew Schaefer, a defenseman for the OHL’s Erie Otters, is No. 1 on the draft board.
The Utah Hockey Club will open a new practice and training facility for team use on Sept. 1, the team announced Monday.
The 115,780-square-foot facility, built on the southeastern end of a Sandy shopping mall, will house two NHL standard ice sheets. It will also include training, medical and dining facilities as well as team locker rooms.
Building a practice facility quickly was one of the immediate challenges Utah owner Ryan Smith faced in bringing an NHL team to the Beehive State. The Utah Olympic Oval, which is primarily used for speedskating events, served as the team’s practice facility this season, but it was intended to be only a temporary solution.
“We want to be competitive in the NHL, and to do that you got to have a place where these guys can practice and they can recover, and it’s home,” Smith said. “We did a miraculous job with the Oval, but at the same time that’s not this.”
Players on Utah’s roster had input on the practice facility’s design from the dining areas to the locker rooms. The facility incorporates many of their suggestions.
“We tried to involve them as much as we can in every part of this,” Smith said.
Utah’s practice facility will also be ready for public use next January. It will feature event venues, eight community locker rooms, equipment rentals and a team store. The ice rinks will be available to the public when not in use by the team.
MOSCOW — Russian President Vladimir Putin has congratulated Alex Ovechkin for setting an “outstanding record” as the NHL’s top career goal scorer.
In a message after Ovechkin’s 895th career goal broke a tie for the record with Wayne Gretzky in the Washington Capitals‘ game Sunday against the New York Islanders, Putin said the achievement was something Russians would celebrate.
“I congratulate you on your outstanding record. You have surpassed legendary masters in the number of goals scored in National Hockey League regular-season games,” Putin said in a statement released by the Kremlin on Monday.
Breaking Gretzky’s record “has become not only your personal success, but also a real celebration for fans in Russia and abroad,” Putin added. “I wish you health, good fortune [and] fighting spirit to conquer new heights in life and in sports.”
Kremlin spokesperson Dmitry Peskov said Monday that Putin and Ovechkin had not yet spoken by phone but that Putin’s message of congratulations showed the president “highly values Ovechkin’s sporting result.”
Ovechkin has been a backer of Putin in the past and in 2017 set up a group called Putin Team on social media to show support for the Russian president, who was reelected the following year.
At the time, Ovechkin told The Associated Press and The Washington Post, “I just support my country,” and said, “It’s not about political stuff.”
Russian Sports Minister Mikhail Degtyarev referred to that moment in his own statement of congratulations after Ovechkin broke the record Sunday.
He posted on social media that Ovechkin “remains a member of the Putin team and at the same time one of the main faces of world hockey, a favorite of millions and the NHL top scorer.”