SVB Financial seeks bankruptcy protection for reorganization

SVB Financial Group said connected Friday it filed for a court-supervised reorganization nether Chapter 11 bankruptcy extortion to question buyers for its assets, days aft its erstwhile portion Silicon Valley Bank was taken implicit by U.S. regulators.

The program to question bankruptcy extortion comes aft the institution said connected March 13 it was readying to research strategical alternatives for its businesses, including the holding company, SVB Capital and SVB Securities.

SVB Securities and SVB Capital's funds and wide spouse entities are not included successful the Chapter 11 filing, the institution said connected Friday.

Reuters reported connected Wednesday that the genitor institution was exploring seeking bankruptcy extortion for selling assets.

California banking regulators closed SVB connected Friday and appointed the Federal Deposit Insurance Corporation arsenic receiver for aboriginal disposition of its assets.

The illness of SVB, the biggest slope to neglect since Washington Mutual went bust during the fiscal situation of 2008, has crippled banks stocks and triggered concerns of a contagion passim planetary markets.