The former parent company of Silicon Valley Bank filed for Chapter 11 bankruptcy in a New York court. SVB—the technology-focused lender now controlled by the U.S. Federal Deposit Insurance Corporation—itself is not part of the filing and continues to look for strategic alternatives for its capital and securities businesses. (The Logic)

Talking point: The move by SVB Financial, which said it believes it has about US$2.2 billion in liquidity, comes a week after Silicon Valley Bank failed. Meanwhile, questions arose about why Silicon Valley Bank and Signature Bank, which authorities also shuttered days after SVB, both had high credit ratings before their respective closures. Critics have raised concerns on whether the firms responsible for doling out ratings are inherently conflicted as the institutions they grade also pay them. Investors continued to worry over banks’ stability with stocks dipping despite two plans that were announced Thursday to prevent similar meltdowns at First Republic Bank and Credit Suisse.