The FDIC has reportedly started an auction process on late Saturday for Silicon Valley Bank. Bids are open for just a few hours.
citing unnamed sources. Bids are allegedly open for just a few hours, before the process closes later this Sunday.
According to Bloomberg sources, the FDIC is seeking a buyer for the California bank over the weekend, ahead of the markets open on March 13. However, a final decision has not been made, and a deal may not be reached.and protect investors, but is not considering a major bailout. She noted that regulators"want to make sure that the troubles that exist at one bank don't create contagion to others that are sound.
"I've had a few companies sell 90 cents on the dollar to make sure they make payroll. All of these companies have the SVB effect," a venture capital investor told the Financial Times. Founder and Managing Partner of Ripple Ventures Matt Cohen said on Twitter that financial firms are offering affected companies"aggressive lending terms" under receivership certificates as collateral:
Getting shopped some pretty aggressive lending terms from people spinning up lending facilities to affected companies, with receivership certificates as collateral
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