The primary quarter of 2023 noticed the best variety of company chapter filings within the U.S. since 2010, S&P International Market Intelligence experiences. On this interval, the variety of chapter filings rose from 54 in January to 58 in February and to 71 in March, bringing the overall to 183.
SVB Monetary Group’s March 17 submitting, attributable to the collapse of its former subsidiary Silicon Valley Financial institution after a run on the financial institution by depositors, was essentially the most noteworthy, shaking up monetary markets across the globe. In a press launch, the Group mentioned it had $3.3 billion in debt. The financial institution, now named Silicon Valley Bridge Financial institution and managed by the Federal Deposit Insurance coverage Company, was not included within the submitting, in response to its former guardian’s press launch.
