According to Foresight News, according to FinanceFeeds, Silvergate Capital Corporation, the parent company of crypto-friendly bank Silvergate, has filed for bankruptcy in the Delaware Bankruptcy Court. The bankruptcy application shows that the company's assets are between $10 billion and $50 billion, and its liabilities are between $100,000 and $500,000. The application also includes Silvergate's subsidiaries Silvergate Liquidation Corporation and Spring Valley Lots LLC. The company's reorganization plan proposes to repay certain debts in full, including administrative expenses, taxes, secured loans, and professional fees. Claims related to common stock and securities litigation will be completely cancelled, and preferred shareholders are expected to receive partial payments based on their shares.
Foresight News previously reported that Silvergate Bank's parent company Silvergate Capital Corp. has agreed to pay $63 million to reach a settlement with the U.S. Securities and Exchange Commission (SEC), the Federal Reserve and the California Department of Financial Protection and Innovation (DFPI).
