8-K
filed November 8, 2024, 6:59 PM ET
CIK 0000719739
other material
confidence high
sentiment neutral
materiality 0.90
SVB FINANCIAL GROUP: going-concern / distress — SVB Financial Group Chapter 11 plan effective Nov 7, all equity canceled
SVB FINANCIAL GROUP
- Plan confirmed Aug 2, 2024; effective date Nov 7, 2024; all Allowed Claims and Interests satisfied or canceled.
- All outstanding common and preferred stock canceled; no shares remain; over-the-counter trading ceased.
- Company transferred assets to Liquidating Trust; abandoned equity interests in Silicon Valley Bank for no consideration.
- All directors (including Beverly Kay Matthews, Eric Benamou, Elizabeth Burr, etc.) and officers (including Bill Kosturos, Nicholas Grossi) removed effective Nov 7.
- Reorganized company became wholly-owned subsidiary of New Parent MNSN Holdings Inc. via merger with MNEQ Merger Sub.
Key facts
Extracted from this filing and checked against the source text.
Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.9
SVB FINANCIAL GROUP entered chapter 11 in United States Bankruptcy Court Southern District of New York.
- Proceeding
- chapter 11
- Court
- United States Bankruptcy Court Southern District of New York
Exact text from the filing
UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK x : Chapter 11 In re : : Case No. 23-10367 (MG) SVB FINANCIAL GROUP, 1 : : Debtor. : : x NOTICE OF EFFECTIVE DATE OF DEBTOR’S CONFIRMED SECOND AMENDED PLAN OF REORGANIZATION UNDER CHAPTER 11 OF THE BANKRUPTCY CODE
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Eric A. Benhamou departed as Director at SVB FINANCIAL GROUP.
- Action
- ceased to be
- Role
- Director
Exact text from the filing
Beverly Kay Matthews, Eric A. Benhamou, Elizabeth Burr, Richard D. Daniels, Alison Davis, Joel P. Friedman, Thomas King, Jeffrey N. Maggioncalda, Mary J. Miller, Kate D. Mitchell, Garen K. Staglin, Allen Parker, Steven G. Panagos, and the Company’s remaining officers, including Bill Kosturos, Chief Restructuring Officer, Nicholas Grossi, Interim Chief Financial Officer, and Jeff Liu, Assistant Chief Restructuring Officer, ceased to be directors and officers of the Company on the Effective Date.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Allen Parker departed as Director at SVB FINANCIAL GROUP.
- Action
- ceased to be
- Role
- Director
Exact text from the filing
Beverly Kay Matthews, Eric A. Benhamou, Elizabeth Burr, Richard D. Daniels, Alison Davis, Joel P. Friedman, Thomas King, Jeffrey N. Maggioncalda, Mary J. Miller, Kate D. Mitchell, Garen K. Staglin, Allen Parker, Steven G. Panagos, and the Company’s remaining officers, including Bill Kosturos, Chief Restructuring Officer, Nicholas Grossi, Interim Chief Financial Officer, and Jeff Liu, Assistant Chief Restructuring Officer, ceased to be directors and officers of the Company on the Effective Date.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jeff Liu departed as Assistant Chief Restructuring Officer at SVB FINANCIAL GROUP.
- Action
- ceased to be
- Role
- Assistant Chief Restructuring Officer
Exact text from the filing
Beverly Kay Matthews, Eric A. Benhamou, Elizabeth Burr, Richard D. Daniels, Alison Davis, Joel P. Friedman, Thomas King, Jeffrey N. Maggioncalda, Mary J. Miller, Kate D. Mitchell, Garen K. Staglin, Allen Parker, Steven G. Panagos, and the Company’s remaining officers, including Bill Kosturos, Chief Restructuring Officer, Nicholas Grossi, Interim Chief Financial Officer, and Jeff Liu, Assistant Chief Restructuring Officer, ceased to be directors and officers of the Company on the Effective Date.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Bill Kosturos departed as Chief Restructuring Officer at SVB FINANCIAL GROUP.
- Action
- ceased to be
- Role
- Chief Restructuring Officer
Exact text from the filing
Beverly Kay Matthews, Eric A. Benhamou, Elizabeth Burr, Richard D. Daniels, Alison Davis, Joel P. Friedman, Thomas King, Jeffrey N. Maggioncalda, Mary J. Miller, Kate D. Mitchell, Garen K. Staglin, Allen Parker, Steven G. Panagos, and the Company’s remaining officers, including Bill Kosturos, Chief Restructuring Officer, Nicholas Grossi, Interim Chief Financial Officer, and Jeff Liu, Assistant Chief Restructuring Officer, ceased to be directors and officers of the Company on the Effective Date.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Alison Davis departed as Director at SVB FINANCIAL GROUP.
- Action
- ceased to be
- Role
- Director
Exact text from the filing
Beverly Kay Matthews, Eric A. Benhamou, Elizabeth Burr, Richard D. Daniels, Alison Davis, Joel P. Friedman, Thomas King, Jeffrey N. Maggioncalda, Mary J. Miller, Kate D. Mitchell, Garen K. Staglin, Allen Parker, Steven G. Panagos, and the Company’s remaining officers, including Bill Kosturos, Chief Restructuring Officer, Nicholas Grossi, Interim Chief Financial Officer, and Jeff Liu, Assistant Chief Restructuring Officer, ceased to be directors and officers of the Company on the Effective Date.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Joel P. Friedman departed as Director at SVB FINANCIAL GROUP.
- Action
- ceased to be
- Role
- Director
Exact text from the filing
Beverly Kay Matthews, Eric A. Benhamou, Elizabeth Burr, Richard D. Daniels, Alison Davis, Joel P. Friedman, Thomas King, Jeffrey N. Maggioncalda, Mary J. Miller, Kate D. Mitchell, Garen K. Staglin, Allen Parker, Steven G. Panagos, and the Company’s remaining officers, including Bill Kosturos, Chief Restructuring Officer, Nicholas Grossi, Interim Chief Financial Officer, and Jeff Liu, Assistant Chief Restructuring Officer, ceased to be directors and officers of the Company on the Effective Date.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Mary J. Miller departed as Director at SVB FINANCIAL GROUP.
- Action
- ceased to be
- Role
- Director
Exact text from the filing
Beverly Kay Matthews, Eric A. Benhamou, Elizabeth Burr, Richard D. Daniels, Alison Davis, Joel P. Friedman, Thomas King, Jeffrey N. Maggioncalda, Mary J. Miller, Kate D. Mitchell, Garen K. Staglin, Allen Parker, Steven G. Panagos, and the Company’s remaining officers, including Bill Kosturos, Chief Restructuring Officer, Nicholas Grossi, Interim Chief Financial Officer, and Jeff Liu, Assistant Chief Restructuring Officer, ceased to be directors and officers of the Company on the Effective Date.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Nicholas Grossi departed as Interim Chief Financial Officer at SVB FINANCIAL GROUP.
- Action
- ceased to be
- Role
- Interim Chief Financial Officer
Exact text from the filing
Beverly Kay Matthews, Eric A. Benhamou, Elizabeth Burr, Richard D. Daniels, Alison Davis, Joel P. Friedman, Thomas King, Jeffrey N. Maggioncalda, Mary J. Miller, Kate D. Mitchell, Garen K. Staglin, Allen Parker, Steven G. Panagos, and the Company’s remaining officers, including Bill Kosturos, Chief Restructuring Officer, Nicholas Grossi, Interim Chief Financial Officer, and Jeff Liu, Assistant Chief Restructuring Officer, ceased to be directors and officers of the Company on the Effective Date.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Garen K. Staglin departed as Director at SVB FINANCIAL GROUP.
- Action
- ceased to be
- Role
- Director
Exact text from the filing
Beverly Kay Matthews, Eric A. Benhamou, Elizabeth Burr, Richard D. Daniels, Alison Davis, Joel P. Friedman, Thomas King, Jeffrey N. Maggioncalda, Mary J. Miller, Kate D. Mitchell, Garen K. Staglin, Allen Parker, Steven G. Panagos, and the Company’s remaining officers, including Bill Kosturos, Chief Restructuring Officer, Nicholas Grossi, Interim Chief Financial Officer, and Jeff Liu, Assistant Chief Restructuring Officer, ceased to be directors and officers of the Company on the Effective Date.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Elizabeth Burr departed as Director at SVB FINANCIAL GROUP.
- Action
- ceased to be
- Role
- Director
Exact text from the filing
Beverly Kay Matthews, Eric A. Benhamou, Elizabeth Burr, Richard D. Daniels, Alison Davis, Joel P. Friedman, Thomas King, Jeffrey N. Maggioncalda, Mary J. Miller, Kate D. Mitchell, Garen K. Staglin, Allen Parker, Steven G. Panagos, and the Company’s remaining officers, including Bill Kosturos, Chief Restructuring Officer, Nicholas Grossi, Interim Chief Financial Officer, and Jeff Liu, Assistant Chief Restructuring Officer, ceased to be directors and officers of the Company on the Effective Date.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Thomas King departed as Director at SVB FINANCIAL GROUP.
- Action
- ceased to be
- Role
- Director
Exact text from the filing
Beverly Kay Matthews, Eric A. Benhamou, Elizabeth Burr, Richard D. Daniels, Alison Davis, Joel P. Friedman, Thomas King, Jeffrey N. Maggioncalda, Mary J. Miller, Kate D. Mitchell, Garen K. Staglin, Allen Parker, Steven G. Panagos, and the Company’s remaining officers, including Bill Kosturos, Chief Restructuring Officer, Nicholas Grossi, Interim Chief Financial Officer, and Jeff Liu, Assistant Chief Restructuring Officer, ceased to be directors and officers of the Company on the Effective Date.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Richard D. Daniels departed as Director at SVB FINANCIAL GROUP.
- Action
- ceased to be
- Role
- Director
Exact text from the filing
Beverly Kay Matthews, Eric A. Benhamou, Elizabeth Burr, Richard D. Daniels, Alison Davis, Joel P. Friedman, Thomas King, Jeffrey N. Maggioncalda, Mary J. Miller, Kate D. Mitchell, Garen K. Staglin, Allen Parker, Steven G. Panagos, and the Company’s remaining officers, including Bill Kosturos, Chief Restructuring Officer, Nicholas Grossi, Interim Chief Financial Officer, and Jeff Liu, Assistant Chief Restructuring Officer, ceased to be directors and officers of the Company on the Effective Date.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Jeffrey N. Maggioncalda departed as Director at SVB FINANCIAL GROUP.
- Action
- ceased to be
- Role
- Director
Exact text from the filing
Beverly Kay Matthews, Eric A. Benhamou, Elizabeth Burr, Richard D. Daniels, Alison Davis, Joel P. Friedman, Thomas King, Jeffrey N. Maggioncalda, Mary J. Miller, Kate D. Mitchell, Garen K. Staglin, Allen Parker, Steven G. Panagos, and the Company’s remaining officers, including Bill Kosturos, Chief Restructuring Officer, Nicholas Grossi, Interim Chief Financial Officer, and Jeff Liu, Assistant Chief Restructuring Officer, ceased to be directors and officers of the Company on the Effective Date.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Steven G. Panagos departed as Director at SVB FINANCIAL GROUP.
- Action
- ceased to be
- Role
- Director
Exact text from the filing
Beverly Kay Matthews, Eric A. Benhamou, Elizabeth Burr, Richard D. Daniels, Alison Davis, Joel P. Friedman, Thomas King, Jeffrey N. Maggioncalda, Mary J. Miller, Kate D. Mitchell, Garen K. Staglin, Allen Parker, Steven G. Panagos, and the Company’s remaining officers, including Bill Kosturos, Chief Restructuring Officer, Nicholas Grossi, Interim Chief Financial Officer, and Jeff Liu, Assistant Chief Restructuring Officer, ceased to be directors and officers of the Company on the Effective Date.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Beverly Kay Matthews departed as Director at SVB FINANCIAL GROUP.
- Action
- ceased to be
- Role
- Director
Exact text from the filing
Beverly Kay Matthews, Eric A. Benhamou, Elizabeth Burr, Richard D. Daniels, Alison Davis, Joel P. Friedman, Thomas King, Jeffrey N. Maggioncalda, Mary J. Miller, Kate D. Mitchell, Garen K. Staglin, Allen Parker, Steven G. Panagos, and the Company’s remaining officers, including Bill Kosturos, Chief Restructuring Officer, Nicholas Grossi, Interim Chief Financial Officer, and Jeff Liu, Assistant Chief Restructuring Officer, ceased to be directors and officers of the Company on the Effective Date.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Kate D. Mitchell departed as Director at SVB FINANCIAL GROUP.
- Action
- ceased to be
- Role
- Director
Exact text from the filing
Beverly Kay Matthews, Eric A. Benhamou, Elizabeth Burr, Richard D. Daniels, Alison Davis, Joel P. Friedman, Thomas King, Jeffrey N. Maggioncalda, Mary J. Miller, Kate D. Mitchell, Garen K. Staglin, Allen Parker, Steven G. Panagos, and the Company’s remaining officers, including Bill Kosturos, Chief Restructuring Officer, Nicholas Grossi, Interim Chief Financial Officer, and Jeff Liu, Assistant Chief Restructuring Officer, ceased to be directors and officers of the Company on the Effective Date.
View on SEC.gov
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