On March 15, 2023, pursuant to an order (the “Winding-up Order”) of the Ontario Superior Court of Justice (Commercial List), PricewaterhouseCoopers Inc., LIT (“PwC”) was appointed as Liquidator, by the Ontario Superior Court of Justice pursuant to the Winding-Up and Restructuring Act ("WURA").
With this, OSFI has announced their next step in facilitating an orderly transition of the Canadian Branch of Silicon Valley Bank to the FDIC Bridge Bank: Silicon Valley Bridge Bank N.A.
What does this mean?
As you may have heard, PwC has been appointed by the Court in connection with the restructuring proceedings commenced under the WURA. This proceeding allows us to carry on our operations while we pursue a positive solution for the Canadian branch of SVB.
We are spending today and the coming days reaching out to our existing borrowers as we resume lending operations.
We would like to share our heartfelt thanks to our clients, partners and supporters who have reached out as we navigate this next step towards continue our operations in Canada.
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With this, OSFI has announced their next step in facilitating an orderly transition of the Canadian Branch of Silicon Valley Bank to the FDIC Bridge Bank: Silicon Valley Bridge Bank N.A.
What does this mean?
As you may have heard, PwC has been appointed by the Court in connection with the restructuring proceedings commenced under the WURA. This proceeding allows us to carry on our operations while we pursue a positive solution for the Canadian branch of SVB.
We are spending today and the coming days reaching out to our existing borrowers as we resume lending operations.
We would like to share our heartfelt thanks to our clients, partners and supporters who have reached out as we navigate this next step towards continue our operations in Canada.
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