off-the-wire

Hedge funds offering to buy startup deposits stuck at Silicon Valley Bank, Semafor reports

Kitco Media
By Reuters
Published:
Updated:
Reuters

March 11 (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.

Reporting by Kanjyik Ghosh in Bengaluru; editing by Grant McCool
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