On March 13, 2023 SVB Financial Group (the “Company”)
announced that its board of directors (the “Board”) has appointed a
restructuring committee consisting of five independent directors to
explore strategic alternatives for the Company and its SVB Capital
and SVB Securities businesses, as well as the Company’s other
assets and investments.
The members of the holding company’s restructuring committee are
Eric Benhamou, Tom King, Kay Matthews, Mary Miller and Kate
Mitchell. In addition to exploring potential transactions for the
SVB Capital and SVB Securities businesses, the committee will
explore all alternatives for addressing the approximately
$3 billion of funded debt held by the holding company, which
is recourse only to the Company and is not guaranteed by the
Company’s subsidiaries. The Company is being advised by Centerview
Partners LLC, Sullivan & Cromwell LLP, and Alvarez &
Marsal as financial, legal, and restructuring advisors,
respectively, in conjunction with the committee’s activities.
A press release announcing the appointment of the restructuring
committee is attached hereto as Exhibit 99.1 and is incorporated
herein by reference.
The information in this Item 8.01 shall not be treated as “filed”
for purposes of Section 18 of the Securities Exchange Act of
1934, nor shall it be deemed incorporated by reference into any
registration statement or other document pursuant to the Securities
Act of 1933 or the Securities Act of 1934, except as expressly
stated by specific reference in such filing.
Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements are subject to known and
unknown risks and uncertainties, many of which may be beyond the
Company’s control. Forward-looking statements are statements that
are not historical facts and generally can be identified by the use
of such words as “becoming,” “may,” “will,” “should,” “could,”
“would,” “predict,” “potential,” “continue,” “anticipate,”
“believe,” “estimate,” “seek,” “expect,” “plan,” “intend,” the
negative of such words or comparable terminology. Although the
Company believes that the expectations reflected in the Company’s
forward-looking statements are reasonable, the Company has based
these expectations on its current beliefs as well as its
assumptions, and such expectations may not prove to be correct.
Because forward-looking statements relate to the future, they are
subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict and many of which are
outside the Company’s control. Forward-looking statements related
to the Company’s actual results of operations and financial
performance could differ significantly from those expressed in or
implied by the Company’s forward-looking statements. The
forward-looking statements included in this disclosure are made
only as of the date of this disclosure. The Company does not
intend, and undertakes no obligation, to update these
forward-looking statements.
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Item 9.01. |
Financial Statements and Exhibits.
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(d) Exhibits