{"id":137499,"date":"2024-09-19T10:30:00","date_gmt":"2024-09-19T07:30:00","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=137499"},"modified":"2024-09-19T01:41:44","modified_gmt":"2024-09-18T22:41:44","slug":"company-behind-silvergate-bank-files-for-chapter-11-bankruptcy","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/company-behind-silvergate-bank-files-for-chapter-11-bankruptcy\/","title":{"rendered":"Company Behind Silvergate Bank Files for Chapter 11 Bankruptcy"},"content":{"rendered":"

As of September 17, the company\u2019s filing<\/a><\/strong> reveals assets between $100 million and $500 million and liabilities ranging from $10 million to $50 million. The bankruptcy also involves Silvergate\u2019s affiliates, Silvergate Liquidation Corporation and Spring Valley Lots LLC.<\/p>\n

Under its Chapter 11 plan, Silvergate aims to address various debts, including administrative and high-priority claims, in full. However, it proposes to cancel certain claims tied to common stock and securities lawsuits. Internal company debts are slated for reinstatement, while preferred shareholders will receive partial payments based on their holdings.<\/p>\n

This move follows the bank\u2019s closure due to liquidity issues 18 months ago. Silvergate attributed its downfall to the banking sector\u2019s strain from rising interest rates and heightened regulatory scrutiny post-FTX collapse. In March 2023, the company decided to liquidate Silvergate Bank, citing these challenges.<\/p>\n