Silvergate Capital Corporation, the parent company of Silvergate Bank, has filed for Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware. The company's assets are estimated to be between $100 million and $500 million, with liabilities ranging from $10 million to $50 million. The bankruptcy plan aims to fully pay off certain debts such as administrative fees and taxes, while canceling claims related to common stock and securities lawsuits. Silvergate's internal debts are proposed to be reinstated, with preferred stockholders receiving partial payments. The bankruptcy filing comes after the bank faced liquidity issues and voluntarily liquidated its subsidiary, Silvergate Bank, due to challenges in the banking system and regulatory scrutiny. Despite facing legal actions, the company is moving forward with the bankruptcy process with legal representation and financial advisers in place. Read more AI-generated news on: https://app.chaingpt.org/news