Tag: funds

By Echo Wang, Lananh Nguyen and David FrenchNEW YORK (Reuters) - As SVB Financial Group wrestled with a capital shortfall and the prospect of a downgrade to its credit rating last week, it went to Goldman Sachs Group Inc and worked out an unusual two-part plan, according to people familiar with the discussions.The investment bank would buy a $21.5 billion bond portfolio from SVB to boost its coffers, after startups began pulling their deposits from the technology-focused lender, which does business as Silicon Valley Bank.But there was a hitch. Goldman's offer for the portfolio was worth $1.8 billion less than the book value SVB had assigned to it, because a rise in interest rates had made it less valuable. SVB would have to book a loss on the portfolio, which comprised U.S. Treasuries a...

(Reuters) - Cryptocurrency exchange FTX, which has filed for U.S. bankruptcy court protection, said it owes its 50 biggest creditors nearly $3.1 billion.The exchange owes about $1.45 billion to its top ten creditors, it said in a court filing on Saturday, without naming them.FTX and its affiliates filed for bankruptcy in Delaware on Nov. 11 in one of the highest-profile crypto blowups, leaving an estimated 1 million customers and other investors facing total losses in the billions of dollars.The crypto exchange said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganization of some businesses.(Reporting by Juby Babu in Bengaluru; Editing by Angus MacSwan)Copyright 2022 Thomson Reuters. Source link