On March 8, 2023, Silicon Valley Bank (SVB) disclosed its plans to raise USD 1.75 billion to seal a hole in its balance sheet from an unsuccessful sale of a fixed-income portfolio that had reportedly resulted in substantial losses. This unexpected move triggered a massive withdrawal of deposits, especially by technology and venture capital firms. The liquidity problem was expected to leave losses amounting to USD 20 billion. A fund manager intended to examine the level of financial distress in SVB and identify the possibility of recovery. His clients believed that SVB could still be a good buy at the current valuation. The fund manager examined various risks and applied the probability of financial distress model for analysis.
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