SVB Financial plans to hand VC business to creditors

The bankrupt parent company of Silicon Valley Bank plans to turn over its remaining venture capital business to its creditors while it continues to fight U.S. regulators' seizure of nearly $2 billion in cash, according to court documents filed on Tuesday. SVB Financial Group reached a restructuring agreement with key creditors and has the support of a coalition of banks and investment funds that collectively hold more than $2.3 billion in SVB Financial debt and preferred stock investments, the documents filed in Manhattan bankruptcy court showed. The company filed for bankruptcy in March after Silicon Valley Bank collapsed, becoming the third-largest bank failure in U.S. history.