Silicon Valley Bank’s former owner gains approval to end bankruptcy

Silicon Valley Bank’s former owner gains approval to end bankruptcy

By Dietrich Knauth NEW YORK (Reuters) – SVB Financial Group, the former owner of failed Silicon Valley Bank, received a U.S. judge’s permission on Friday to turn over its assets to creditors and end its bankruptcy. Its bankruptcy restructuring has made provision for the creation of a trust to pursue litigation against the U.S. Federal Deposit Insurance Corporation which seized $1.9 billion from SVB Financial’s bank accounts during Silicon Va…