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SVB Financial Group received a US judge's permission to turn over its assets to creditors and end its bankruptcy. As part of its bankruptcy restructuring, SVB Financial also sold assets, spinning off its venture capital business and investment banking unit. However, the company faced a setback in its fight with federal regulators to recover about $2 billion it had at its Silicon Valley Bank subsidiary when it collapsed last year. The US Internal Revenue Service has backed off a $1.4 billion claim in its lawsuit against the Federal Deposit Insurance Corp, indicating a smaller settlement over taxes that went unpaid when Silicon Valley Bank collapsed.
The US Internal Revenue Service has backed off a $1.4 billion claim in its lawsuit against the Federal Deposit Insurance Corp, saying that it will reach a smaller settlement over taxes that went unpaid when Silicon Valley Bank collapsed https://t.co/dNul5mS664 @DietrichKnauth https://t.co/lLlyRRfDHk
The failure of the $78 billion tax bill paints an even bleaker and more uncertain future for the IRS as it sorts through a backlog of pandemic-era tax credit claims while businesses wait to get cash they are owed. https://t.co/8uhluJLAUN
SVB bankruptcy plan approved, but $2B FDIC fight lingers https://t.co/y6QnLUy0HP via @business