SVB Financial seeks bankruptcy protection for reorganization

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(Reuters) -SVB Financial Group said on Friday it filed for a court-supervised reorganization under Chapter 11 bankruptcy protection to seek buyers for its assets, days after its former unit Silicon Valley Bank was taken over by U.S. regulators. The move to seek bankruptcy protection comes after the company said on March 13 it was planning to explore strategic alternatives for its businesses. Shares of big U.S. banks fell more than 1.5% in premarket trading. Regional banks including PacWest Bancorp and First Republic Bank were down between 10% and 20%. SVB Securities and SVB Capital’s funds and…

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