An auction for the remaining assets of the failed Silicon Valley Bank is reportedly underway, with final bids due this afternoon and the result could come as early as Sunday night, according to Bloomberg.
Bloomberg says the US Federal Deposit Insurance Corporation (FDIC), which stepped in and shut down SVB on Friday when it was experiencing an unprecedented run on funds from its clients, hopes to conclude the auction before markets open Monday morning.
A quick sale could help the FDIC make at least some of SVB’s customers’ uninsured deposits available to them by Monday. The US agency has already said it will make the insured amounts available in full in time for it to start next week.
When contacted, an FDIC spokesperson said they are not providing comment on these reports.
As a potential resolution looms, others in the startup ecosystem are jumping in to find liquidity options for entrepreneurs trying to make payroll next week. More recently, Brex CEO Henrique Dubugras said he’s working to raise more than a billion dollars in one weekend to help fund a emergency bridging line of credit
