Stock Market News
Hedge funds offering to buy startup deposits stuck at Silicon Valley Bank -Semafor
2023.03.11 15:37
© Reuters. FILE PHOTO: A locked door to a Silicon Valley Bank (SVB) location on Sand Hill Road is seen in Menlo Park, California, U.S. March 10, 2023. REUTERS/Jeffrey Dastin/File Photo/File Photo
(Reuters) – Hedge funds are offering to buy the deposits of startups stranded at Silicon Valley Bank for as little as 60 cents on the dollar, Semafor reported on Saturday, citing people familiar with the matter.
Firms like Oaktree that invest in distressed debt are reaching out to startups in the wake of the bank’s failure and seizure by the Federal Insurance Deposit Corp, the report said.
