Creditors of Silicon Valley Bank's parent business formed a group in preparation for a possible bankruptcy filing, the Wall Street Journal said, citing persons with knowledge of the matter, APA reports.
The creditors are likely trying to position themselves to have a say in the bankruptcy proceedings and to maximize the recovery on their investments. The investor group, advised by PJT Partners Inc, includes some well-known investors, according to the report. Their participation may be a sign that they remain hopeful about a successful outcome, however, the success of their strategy will reportedly depend on the sale of the nonbank businesses of the parent company.
The news comes as the regulators look for interested buyers after its capital-raising attempts failed.
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